GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.
The Semi-annual Report 2019
August 2019
I. Important Notice Table of Contents and Definitions
The Board of Directors Supervisory Committee Directors Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity accuracy and completeness of the contents hereof.Mr.Wang Jin The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this semi-annual report.Other directors attending the Meeting for the Semi-annual report deliberation except for the followed:
Name of director absent Title for absent director Reasons for absent Attorney
Wen Shufei Director Due to business Wang Jin
Wen Lianhe Director Due to business Zheng Yunpeng
Liang Peilu Director Due to business Yin Zhongyu
Mao Qinghan Director Due to business Sha Qilin
Ma Xiaoqian Independent Director Due to business Shen Hongtao
This semi-annual report involves the forecasting description such as the future plans and does not constitute the
actual commitments of the company to the investors. Investors and stakeholders should all maintain sufficient
awareness of risks for this and understand the differences between plans forecasts and commitments.The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 of
this annual report-situation faced and countermeasures for relevant information.The Company Will not distribute cash dividend or bonus shares neither capitalizing of common reserves for the
report period.Table of Contents
2019 Semi- Annual Report
I. Important Notice and Definitions
II. Corporate Profile and Key Financial Results
III. Business Profile
IV. Performance Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII. Information about Directors Supervisors and Senior Executives
IX. Corporate Bonds.
X. Financial Report
XI. Documents available for inspection
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Guangqian Company Refers to Shenzhen Guangqian Electric Power Co. Ltd.
Bohe Company Refers to Guangdong Yudean Bohe Coal & Electricity Co. Ltd
Dapu Company Refers to Guangdong Dapu Power Generation Co. Ltd.
Wind Power Company Refers to Guangdong Wind Power Co. Ltd.Lincang Company Refers to Lincang Yudean Energy Co. Ltd.Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co. Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.
Anxin Electric Inspection & Installation
Company
Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co. Ltd
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co. Ltd.
Binhai Bay Company Refers to Guangdo9ng Yudean Binhai Bay Energy Co. Ltd.
Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co. Ltd.Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co. Ltd.Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co. Ltd.Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co. Ltd.Zhanjiang Company Refers to Zhanjiang Electric Power Co. Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co. Ltd.Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co. Ltd.Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co. Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co. Ltd.Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power Co. Ltd.Humen Power Company Refers to Guangdong Yudean Humen Power Co. Ltd.Yuejia Company Refers to Guangdong Yuejia Electric Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co. Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Zhencheng Integrated Energy Company Refers to Guangdong Yudean Zhencheng Integrated Energy Co. Ltd.
Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co. Ltd.
Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co. Ltd.Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co. Ltd.Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co. Ltd.Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co. Ltd.Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co. Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co. Ltd.Huilai Wind Power Company Refers to Huilai Wind Power Generation Co. Ltd.Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co. Ltd.Yudean Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co. Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co. Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co. Ltd.Yudean Western Investment Company Refers to Guangdong Yudeann Holdings Western Investment Co. Ltd.Yudean Finance Company Refers to Guangdong Yudean Finance Co. Ltd.Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co. Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station
Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co. Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Company Limited
II. Corporate Profile and Key Financial Results
I.Company information
Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539、200539Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered
Company Name in Chinese(If
any)粤电力
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.LTD
English abbreviation (If any) GED
Legal Representative Wang Jin
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
Contact address
35F South Tower Yudean Plaza No.2 Tianhe Road
East GuangzhouGuangdong Province
36/F South Tower Yudean Plaza No.2 Tianhe Road
East GuangzhouGuangdong Province
Tel (020)87570276 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn qinxiao@ged.com.cn
III. Other info.
1. Way of contact
Whether registrations address offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address offices address and codes as well as website and email of the Company has no change in
reporting period found more details in annual report 2018.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses website and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2018.3. Other relevant information
Did any change occur to other relevant information during the Reporting Period?
√Applicable □ Not applicable
On May 21 2019 the revision of some articles of the Company's Articles of Association was reviewed and
approved in the Company's 2018 Annual Shareholders’ General Meeting. The full text of the revised "Articles of
Association" can be found in the Cninfo website: http://www.cninfo.com.cn.，The disclosure date is May 22 2019.
IV.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（yuan） 12874181250 13894985179 -7.35%
Net profit attributable to the shareholders
of the listed company（yuan）
581569383 448833518 29.57%
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of
listed company（yuan）
588588917 413141718 42.47%
Cash flow generated by business operation
net（yuan）
3803441801 3795532708 0.21%
Basic earning per share(yuan/Share) 0.1108 0.0855 29.59%
Diluted gains per share(yuan/Share) 0.1108 0.0855 29.59%
Weighted average income/asset ratio（%） 2.37% 1.88% 0.49%
As at the end of the
reporting period
As at the end of last year YoY+/-（%）
Gross assets（yuan） 72888042485 73329662306 -0.60%
Shareholders’ equity attributable to
shareholders of the listed company（yuan）
24551367214 24227302288 1.34%
V.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
Net profit attributable to the shareholders
of the listed company
Net Assets attributable to the
shareholders of the listed company
Amount in the
reporting period
Amount in the
previous period
End of the reporting
period
Beginning of the
reporting period
According to CAS 581569383 448833518 24551367214 24227302288
Items and amount adjusted according to IAS
The difference arising from recognition of
goodwill after merger of enterprises under the
same control
64623000 64623000
Difference arising from recognition of land
use value after enterprise merger
-315000 -315000 17285000 17600000
Influence on minority interests 27060 27060 4837279 4810219
According to IAS 581281443 448545578 24638112493 24314335507
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore this difference will continue to exist.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore there’s some
influence on minority interests.VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part
for which assets impairment provision is made)
-13971117
Govemment subsidy recognized in current gain and
loss(excluding those closely related to the Company’s business
and granted under the state’s policies)
1721047
According to tax accounting and other laws regulations the
requirements of the current Gain/loss for a one-time adjustment of
the impact of the current Gain/loss;
-250472
Other non-business income and expenditures other than the above -719920
Less: Amount of influence of income tax -3243410
Influenced amount of minor shareholders’ equity (after tax) -2957518
Total -7019534 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.III. Outline of Company Business
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
No
The Company mainly engages in the investment construction and operation management of power projects and the
production and sales of electric power. It belongs to the power heat production and supply industry classified in the
“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.Since its foundation the Company has always adhered to the business tenet of “Capital from the people using it forelectricity and benefiting the public” and adheres to the business policy of “Centering on the main business ofelectricity with diversified development” focusing on the main business of power and making the power structure
go diversified. In addition to the development construction and operation of large-scale coal-fired power plants it
also has clean energy projects such as LNG power generation wind power generation and hydropower generation
which provides reliable and clean energy to users through the grid company. As of June 302019 the controllable
installed capacity is 21.42 million KW where the controllable installed capacity of coal-burning power generation
LNG generation and renewable energy generation like wind power and hydropower is 17.14 million KW 3.72
million KW and 560000 KW respectively.Income source is primarily contributed by power production and sales and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period the electricity sold is 31.523 billion kwh a decrease of
13.18% YOY; average price stated in the consolidated statements is 459.74 Yuan/ thousands kwh (tax
included the same below ) an increase of RMB 20.16 yuan and an increase of 4.59% YOY the total operating
income was RMB 12874.18 million a decrease of RMB 1020.81 million and YoY drop of 7.35%
The company's business is dominated by coal-fired power generation and the fuel costs account for a large portion
of operating costs thus the fluctuations in coal prices have a significant impact on the company's operating
performance. During the reporting period affected by the increase in power generation and the continuous increase
in coal prices the company’s fuel costs were 7828.39 million yuan which accounted for 65.04% of the main
business costs; Affected by the double drop of electricity generation and coal price a decrease of -1425.87 million
yuan or a decrease of -15.41% over the same period of last year.
During the reporting period due to the comprehensive impact of the year-on-year decline in the price of coal the
dividend from the implementation of tax reduction and fee reduction policy and the Company's effective control
of various costs and expenses the gross profit of power generation and the net profit attributable to the parent
company went up YOY. Realizing net profit attributable to shareholders of the parent company of RMB 581.57
million a year-on-year increase of 29.57%; and the earnings per share was 0.1108 yuan.Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Equity assets No major changes
Fixed assets No major changes
Intangible assets No major changes
Construction in process No major changes
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
Ⅲ. Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
No
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province with a total asset size of more
than 70 billion. It is the largest listed company of power in Guangdong Province.
2. Guangdong Energy Group has oriented our company as a sole listed platform for domestic power-generating
assets integration
We are the shareholder of Guangdong Energy Group one of the biggest power-generating groups in south China
which takes advantage of its source assets scale to give sustaining support to our company’s advancement and
expansion. It has oriented us as a sole listed platform for domestic power-generating assets integration. We are
endowed with a priority offered by it in power source development asset acquisition.
3. State-of-the-art unit performance built on implementation of the energy-saving dispatching policy
By virtue of high parameters large capacity nice efficiency low coal consumption reliable operation and
environmental protection our thermal power generating unit units are given priority in energy-saving dispatching.
As a result our units are more competitive in on-grid price.
4. Stepwise optimization of industrial structure and power source structure
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the core
business optimizing the development of coal-fired power steadily developing gas power vigorously developing
clean energy such as wind power and hydropower continuously optimizing the power supply structure and heading
to an efficient clean and low-carbon road. In 2018 the Company continued to optimize and adjust the power supply
structure to further increase the proportion of clean energy such as wind power and natural gas power generation.In the first half of 2019 the Company's new 300000 KW controllable offshore wind power project was approved
and a number of gas and wind power projects have been under construction and will be put into production during
the period of from 2018 to 2020. According to the overall goal of the Company's “13th Five-Year Plan” the
proportion of clean energy at the end time of the “13th Five-Year Plan” will be raised from about 15% (including
natural gas power generation) to about 29% (including natural gas power generation).
5.Administrators and technical experts are veterans in operation and management of power plants and key staff
have years of practical experience in the power sector. The Company continuously improved the quality and
efficiency of its operations by strengthening its management of safety production energy conservation and emission
reduction marketing and so on.
6. Hold fast to the opportunity of “electric price reform” To realize the transformation from a power generation
enterprise to an energy comprehensive service enterprise.In order to adapt to the power market reform the Company established Guangdong Yudean Power Sales Co. Ltd in
July 2015 to participate in the market competition in the electricity sales side. Guangdong Yudean Power Sales Co.Ltd which belongs to the first group of power-selling companies that obtained the market access is numbered
“SD01”. Since its establishment in 2015 after undergoing the market competition Yudean electricity selling has
become a well-known brand in the Guangdong electric power market forming a leading position. In recent years in
the annual long-term contracted electricity and monthly concentrated bidding the winning bidding electricity
quantity and winning bidding rate steadily topped in the market. In the future the Company will continue to
vigorously promote the business of sales of electricity take active measures in accordance with the relevant policies
of the national power system reform expand the distribution business of electricity and the integrated energy
services so as to realize the transformation from a power generation enterprise to an energy comprehensive service
enterprise.
7. Actively participate in the energy layout of the Greater Bay Area of Guangdong Hong Kong and Macao in
combination with the development plan of the Greater Bay Area of Guangdong Hong Kong and Macau
As the main energy force in Guangdong Province the Company is at the forefront of the construction ofGuangdong-Hong Kong-Macao Greater Bay Area. The Company will closely focus on the goal of “building aclean low-carbon safe and efficient energy supply system” stated by the “Guangdong-Hong Kong-Macao Greater
Bay Area Development Plan” and the development of “one core one belt and one district” new pattern proposedby the provincial party committee and the provincial government thus to provide the safe and reliable energy
supply guarantee for the construction of the greater bay area. First it will make full use of the opportunities for
decommission and rebuilding of Shajiao A Power Plant the expansion of natural gas development in Huizhou and
expansion of natural gas development in the pre-Guangzhou area to create a super energy supply base for gas
electricity heat and cold combined supply in the Greater Bay Area and the Company will by cooperation speed
up the land development of Shajiao Power Plant land actively explore the construction of the Greater Bay Area
Smart Energy Network and the high-end power technology integrated service headquarters. Secondly it will
vigorously develop clean energy and continue to promote the construction of Huadu Natural Gas Zhaoqing
Yongan Natural Gas and Zhuhai Jinwan Offshore Wind Power Projects. The third is to serve the development of
the coastal economic belt vigorously promote the clean development of coal-fired power strengthen the exchange
and cooperation of low-carbon development energy-saving and environmental protection technologies further to
promote the clean production technologies so as to help the Greater Bay Area to build a clean low-carbon safe
and efficient energy supply system.IV. Management’s Discussion and Analysis
Ⅰ.General
In the first half of 2019the total electricity consumption of Guangdong Province was 302.61 billion kWh a YOY
increase of 6% the growth rate dropped by 6% compared with the same period of last year. The annual output of
West-area Power to Guangdong reached 91.85 billion kWh-over-delivering 22.57 billion kWh an increase of
20.7%.Affected by the YOY growth of 20.7% from Western Power supply the 28% growth of nuclear power (new
installed capacity of nuclear power of 2.84 million kilowatts) and the province's hydropower units the on-grid
power of Gangdong's unified management for core-fired power units declined by nearly 15% the Company's
on-grid power of the core-fired power units also fell by 13.65% YOY. In the first half of 2019 The Company
completed the on-grid power supply of 31.523 billion kWh down 13.18% YOY; the average utilization hours of
holding coal-fired units was 1824 hours down 390 hours YOY; the average utilization hours of gas-fired units
was 1984 hours an increase of 324 hours; the average utilization hours of wind turbines was 1136 hours an
increase of 311 hours YOY.
In 2019 the scale of marketization transaction in Guangdong Province continued to expand with the total volume
reached 200 billion kWh (an increase of 27% over 2018). According to the data released by the Guangdong
Electric Power Trading Center the 2019 annual bilateral negotiation transaction volume organized by the
Guangdong Electric Power Trading Center was 118.9 billion kWh and the average transaction price difference
was -4.509 Cent(RMB)/kWh. In the first half of 2019 the monthly concentrated bidding transaction power was
27.211 billion kWh and the average clearing spread was -3.2 Cent(RMB)/kWh. In 2019 the Company's
budgetary on-grid electricity was 70.981 billion kWh of which the base electricity was 21.12 billion kWh
accounting for about 30%; the annual long-term contracted was 35.66 billion kWh accounting for about 50%; the
rest was monthly bidding volume accounting for about 20%. In the first half of 2019 the average selling price of
the Company's consolidated statements was 459.74 yuan / thousand kWh (excluding tax) an increase of 20.16
yuan / thousand kWh.In the first half of 2019 by the comprehensive impact of the year-on-year decline in the price of coal the dividend
from the implementation of tax reduction and fee reduction policy and the Company's effective control of various
costs and expenses the Company's profit went up YOY. As of June 2019 the total assets of the Company's
consolidated statements were 72.888 billion yuan a decrease of 0.6% from the beginning of the year and the
equity attributable to shareholders of the parent company was 24.551 billion yuan an increase of 1.34% over the
beginning of the year. The company achieved a consolidated statement operating income of 12.874 billion yuan
down 7.35% year-on-year; the net profit attributable to shareholders of the parent company was 582 million yuan
an increase of 29.57%; the earnings per share was 0.1108 yuan. The total liabilities in the Company's consolidated
statement were 40.758 billion yuan and the asset-liability ratio was 55.92%.In the first half of 2019 the #6 machine of Huizhou Natural Gas Power Generation Project which was controlled
by the Company was put into commercial operation increasing the controllable installed capacity of 460000
kilowatts. As of June 2019 the Company's controllable installed capacity was 21.42 million kilowatts of which:
the controllable installed capacity of coal-fired power was 17.14 million kilowatts accounting for 80.03%; the
controllable installed capacity of gas-power was 3.72 million kilowatts accounting for 17.37%; the controllable
installed capacity of wind power hydropower and other renewable energy power was 560000 kilowatts
accounting for 2.60%.II. Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
In RMB
This report period Same period last year YOY change（%） Cause change
Operating income 12874181250 13894985179 -7.35%
Operating cost 11024143476 12200856427 -9.64%
Sale expenses 12844788 10316130 24.51%
In order to grasp the opportunity of
power market reform the company
strengthened its investment in the
power market marketing business so
the sales expenses increased
significantly year-on-year.
Administrative expenses 270884804 270794513 0.03%
Financial expenses 635395970 631118798 0.68%
Income tax expenses 309835930 307767578 0.67%
R & D Investment 347523 2238543 -84.48%
Mainly Zhanjiang Electric Power
Zhenneng Company and Shajiao A
Power Plant have seen a significant
drop in R&D investment this year.
Cash flow generated by
business operation net
3803441801 3795532708 0.21%
Net cash flow generated
by investment
-1616320253 -1699538040 -4.90%
Net cash flow generated
by financing
-2560881610 -1163991471 120.01%
Mainly due to the year-on-year
increase of 830 million yuan in
repayment of borrowings and the
decrease in borrowings was 579
million yuan.Net increasing of cash
and cash equivalents
-373760017 932003290 -140.10%
Mainly due to the repayment of
borrowings this year the cash changes
were large.Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
Nil
Breakdown of main business
In RMB
Operating
revenue
operating costs
Gross profit
rate(%)
Increase/decrease
of reverse in the
same period of
the previous
year(%)
Increase/decrease
of principal
business cost over
the same period
of previous year
(%)
Increase/decrease
of gross profit
rate over the
same period of
the previous year
(%)
Industry
Electric power
Steam sales and
labor income
12744689154 11021172212 13.52% -7.44% -9.66% 2.12%
Products
Sales Electric
Power
12657308705 10965375272 13.37% -7.54% -9.78% 2.16%
Thermal sales 67875105 43332946 36.16% 8.55% 44.74% -15.96%
Labor income 19505344 12463994 36.10% 9.06% -19.12% 22.26%
Area
Guangdong 12717948615 10993694869 13.56% -7.47% -9.70% 2.13%
Yunnan 26740539 27477343 -2.76% 9.79% 7.09% 2.58%
III. Non-core business analysis
□ Applicable √Not applicable
IV. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
Change in
percentage(%)
Reason for
significant change Amount
As a percentage
of total
assets(%)
Amount
As a percentage
of total
assets(%)
Monetary fund 5199734595 7.13% 5928583780 8.14% -1.01%
Accounts
receivable
3264118313 4.48% 2904469301 3.99% 0.49%
Inventories 1812173995 2.49% 2006400069 2.76% -0.27%
Real estate
Investment
10097905 0.01% 7978840 0.01% 0 %
Long-term equity
investment
6495819304 8.91% 5926328997 8.14% 0.77%
Fixed assets 40097107758 55.01% 40052143800 55 % 0.01%
Construction in
process
8373522376 11.49% 9122852147 12.53% -1.04%
Short-term loans 6916200000 9.49% 10035000000 13.78% -4.29%
Long-term loans 17660996020 24.23% 18349294665 25.20% -0.97%
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Items
Amount at year
beginning
Gain/loss on
fair value
change in the
Cumulative fair
value change
recorded into
Impairme
nt
provisions
Purchased
amount in the
Sold
amount in
the
Amount at year
end
reporting
period
equity in the
reporting
period
reporting period reporting
period
Financial assets
1. Tradable financial
assets (excluding
derivative financial
assets)
30626 6577 37203
4．Investment in other
equity instruments
1565806331 76683442 781025960 78162240 1720652013
Total 1565806331 76683442 781025960 78199443 1720689216
Financial Liability 0 0
Did great change take place in measurement of the principal assets in the reporting period ?
√Yes □ No
Explanation of the reasons for major changes in the measurement attributes of the Company's major assets during
the reporting period and its impact on the operating result and financial status
(1) Reason for change
1 Accounting policy for financial statement format adjustment
On June 15 2018 the Ministry of Finance issued the Notice on Issuance of Amended 2018 Annual Financial
Statements of General Enterprises (No. 15 [2018] Accounting) required that non-financial enterprises that
implement the corporate accounting standards shall follow the accounting standards and the notice. According to
the requirements of the above-mentioned No. 15 [2018] Accounting the Company will make corresponding
changes to the relevant contents of the financial statement format.
2 Accounting Policy for New Financial Instruments Standards
In 2017 the Ministry of Finance issued the revised " No. 22 Accounting Standards for Business
Enterprises-Recognition and Measurement of Financial Instruments" " No. 23 Accounting Standards for Business
Enterprises-Transfer of Financial Assets" " No. 24 Accounting Standards for Business Enterprises-Hedge
Accounting " No. 37 Accounting Standards for Business Enterprises-Financial Instruments Presentation" and
required the domestic listed companies to implement the relevant accounting standards for new financial
instruments from January 1 2019.
2) Impact
The changes of the accounting policy only affect the listing presentation of relevant subjects in the Company's
financial statements and will not have any impact on the Company's total assets total liabilities net assets and net
profit in the current period and before the accounting policy change.
According to the commencement rules of the new financial instrument standards the Company does not need to
restate the previous comparables and the information presented in the financial statements that is not inconsistent
with the requirements by the new standard is not required to adjust. The difference adjustment on the first day of
implementation of the new standard is included in the retained earnings or other comprehensive income at the
beginning of 2019 and does not need to restate the comparables at the end of 2018. This accounting policy change
does not affect the Company's relevant financial indicators for 2018.
3. Restricted asset rights as of the end of this Reporting Period
As of June 30 2019 the Company had a total of accounts receivable with a book value of 297273413 yuan (as
of December 31 2018: 396323295 yuan) together with the power charge rights of several power generation
subsidiaries were pledged to the bank to obtain long-term loans of 3664700634 yuan of which: the balance of
long-term loans due within one year was 234638568 yuan (as of December 31 2018: 2765356586 yuan).including: the long-term borrowings due within one year amounted to RMB213259115 . The borrowings are
detailed as follows:
The borrowings are detailed as follows:
1.As at June 30 2019 the long-term pledge borrowings of the following subsidiaries were based on their power
fee charging rights and accounts receivable as pledges:
In RMB
Name June 302019 December 312018
Guangdong Shaoguan Yuejiang Power
Generation Co. Ltd.
2070813700 2151963439
Guangdong Yudean Leizhou Power
Generation Co. Ltd.
236829612 236829612
Guangdong Yudean Zhanjiang Wind
Power Generation Co. Ltd.
130185000 138945000
Guangdong Yudean Xuwen Wind Power
Generation Co. Ltd.
164714222 74798535
Guangdong Yudean Qujie Wind Power
Generation Co. Ltd.
1062158100 162820000
Total 3664700634 2765356586
Name June 302019 December 312018
Guangdong Shaoguan Yuejiang Power
Generation Co. ltd.
188255792 186859840
Guangdong Yudean Leizhou Power
Generation Co. Ltd.
1597115 1597115
Guangdong Yudean Zhanjiang Wind
Power Generation Co. Ltd.
18274167 18274167
Guangdong Yudean Xuwen Wind Power
Generation Co. Ltd.
18355494 6527993
Guangdong Yudean Qujie Wind Power
Generation Co. Ltd.
8156000
Total 234638568 213259115
2.As at June 302019 The book value of fixed assets leased by the company through finance leasing is about
RMB 1583671996(Original value RMB 3021850800 )
①.As at June 302019 The book value of fixed assets leased by Zhanjiang Zhongyue Energy Co. Ltd.
through finance leasing is about RMB 568834796 (Original value RMB 900000000 );
2.As at June 30 2019 the long-term pledge borrowings of the following subsidiaries due within one
year were based on their power fee charging rights and accounts receivable as pledges:
In RMB
②As at June 302019 The book value of fixed assets leased by Guangdong Shaoguan Yuejiang Power Generation
Co. Ltd.through finance leasing is about RMB 814420533 (Original value RMB 1121850800 );
③As at June 302019 The book value of fixed assets leased by Guangdong Yudean Jinghai Power Generation Co.
Ltd.through finance leasing is about RMB200416667 (Original value RMB1000000000);
3. On June 30 2019 the book value of the construction in progress of the Company to form a finance lease after
sale and leaseback was RMB 1231242021(December 312018: 1147811958)
① The book value of the construction in progress by finance lease by Guangdong Yudean Bohe Coal and
Electricity Co. Ltd was RMB 9068438211(December 312018: 906981377).
②The book value of the construction in progress by finance lease by Guangdong Yudean Qujie Wind Power
Generation Co. Ltd was RMB324398200 (December 312018: 240830581).
4.On June 30 2019 other monetary funds were RMB 3111720 (On December 31 2018: RMB 4000000) which
was composed by the margin deposit for security of 2000000 yuan for applying for a performance guarantee by
the subsidiary of the Company-Huizhou Pingdian Integrated Energy Co. Ltd-for participating in the sale of
electricity at the Guangdong Electric Power Trading Center and the Company's restricted carbon-emission account
balance of 1111720 yuan.V.Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
980162240 546000000 79.52%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Name of the
Company
Invested
Main
Business
Investme
nt Way
Investment
Amount
Share
Proport
ion %
Capital
Source
Partner
Investm
ent
Horizon
Product
Type
Progress up to
Balance Sheet
Date
Anticip
ated
Income
Gain or
Less or the
Current
Investment
Whether
to
Involve
in
Lawsuit
Date of
Disclosure
(if any)
Disclosure Index(if any)
Guangdong
Wind Power
Generation
Co. Ltd.
Wind
Power
Generation
Capital
increase
39000000 100 %
Self
Funds
No
Long-ter
m
Electric
power
All 7 wind
turbines have
been hoisted and
installed waiting
to be connected
to the grid.-- No
August 31
2018
Announcement
No.:2018-46)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Guangdong
Wind Power
Generation
Co. Ltd.
Wind
Power
Generation
Capital
increase
200000000 100 %
Self
Funds
No
Long-ter
m
Electric
power
EPC general
contract bidding
is completed and
the pile
foundation
construction of
onshore
centralized
control center is
under process.
-156758 No
January
26
2019
Announcement
No.:2019-05)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Guangdong
Yudean
Bohe Coal
Electric Co.
Ltd.
Coal-fired
power
generation
Capital
increase
603000000 67 %
Self
Funds
Guangdong
Energy Group：
33%
Long-ter
m
Electric
power
As of the end of
the reporting
period the
overall
construction
progress of the
power plant
project is
approximately
79.4% and the
overall
construction
progress of the
-6735031 No
September
2018
Announcement
No.:2018-49)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
20
port terminal
project is
approximately
57%.
Guangdong
Yudean
Dapu Power
Generation
Co. Ltd.
Coal-fired
power
generation
Capital
increase
40000000 100 %
Self
Funds
No
Long-ter
m
Electric
power
Units #1 and #2
had been put into
production in
December 2015
and in June 2016
respectively.
-18252297 No
October
31
2012
Announcement
No.:2012-45)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Guangdong
Yudean
Qujie Wind
Power
Generation
Co. Ltd.
Wind
Power
Generation
Capital
increase
20000000 100 %
Self
Funds
No
Long-ter
m
Electric
power
The Xinliao
Project was
approved on
December 5
2018. The special
compiling
preparation
required before
the start of
construction is
being carried out.-- No
October
312018
Announcement
No.:2018-54)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Shenzhen
Capital
Group Co.Ltd.Investment
Capital
increase
78162240 3.67%
Self
Funds
State-owned
assets
Supervision
and
Administration
Commission of
Shenzhen
Municipal
people's
Government
（shareholdingratio：
28.1952%)
Long-ter
m
Venture
Capital
In normal
operation
-- No
September
202018
Announcement
No.:2018-50)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Total -- -- 980162240 -- -- -- -- -- -- 0 -25144086 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
Security
category
Security
code
Stock
Abbreviation:
Initial
investment
cost
Mode of
accounting
measurement
Book value
balance at the
beginning of
the reporting
period
Changes in
fair value of
the this period
Cumulative fair
value changes in
equity
Purchase
amount
in the
this
period
Sale
amount
in the
this
period
Gain/loss of
the reporting
period
Book value
balance at the
end of the
reporting
period
Accounting
items
Source of
the shares
Domestic
and foreign
stocks
000027
Shenzhen
Energy
15890628
Fair value
measurement
66150000 11970000 62229372 630000 78120000
Investment
in other
equity
instruments
Self funds
Domestic
and foreign
stocks
600642 Shenergy 235837988
Fair value
measurement
270997380 62751442 97910834 11106450 333748822
Investment
in other
equity
instruments
Self funds
Domestic
and foreign
stocks
831039 NEEQ 3600000
Fair value
measurement
3618000 1962000 1980000 360000 5580000
Investment
in other
equity
instruments
Self funds
Domestic
and foreign
stocks
603863
Song Yang
Recycle
6577
Fair value
measurement
0 30626 30626 6577 0 37203
Financial
assets
available
for sales
Self funds
Total 255335193 -- 340765380 76714068 162150832 6577 0 12096450 417486025 -- --
Disclosure date for the notice of
approval by the Board (If any)
October 312018
Disclosure date for the notice of
approval by shareholders’ Meeting (If
any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
Nil
Ⅵ. Significant Asset and Right Offering
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
Nil
2.Situation of Substantial Stake Sale
□ Applicable √ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company Name
Company
type
Sectors engaged in
Registered
capital
Total assets Net assets Turnover Operating profit Net Profit
Guangdong Huizhou Pinghai Power
Generation Plant Co. Ltd.Subsidiary
Power generation and
power station
construction.
1370000000 5654076507 2121408065 1493690021 280041530 208701960
Guangdong Huizhou Natural gas
Power Generation Co. Ltd.Subsidiary
Power generation and
power station
construction.
1455893000 4098332907 1843306509 1803498057 132299520 99075750
Guangdong Red Bay Power
Generation Co. Ltd.Subsidiary
Power generation and
power station
2749750000 6445421973 3312516376 1806352342 236637015 177421053
construction.Shenzhen Guangqian Electric
Power Co. Ltd.Subsidiary
Power generation and
power station
construction.
1030292500 1623236503 1392592886 664476433 88505051 64871883
Zhanjiang Electric Power Co. Ltd. Subsidiary
Power generation and
power station
construction.
2875440000 4466327667 4111030557 838699914 175009973 145678540
Guangdong Yudean Jinghai Power
Generation Co. Ltd.Subsidiary
Power generation and
power station
construction.
2919272000 8707447364 3526079234 2001094521 164763068 123407270
Guangdong Guohua Taishan Power
Generation Co. Ltd.Sharing
Company
Power generation and
power station
4669500000 11206433834 8304717114 2972152342 548109271 406942250
Shanxi Yudean Energy Co. Ltd.Sharing
company
Coal Investment 1000000000 4079041655 3784585962 3986327 283006660 282977172
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Company name
Way of acquiring and disposing of subsidiary
corporations within the reporting period
Impact on the whole producing operation
and performance
Guangdong Yudean Binhai Bay Energy
Co. Ltd.
Invested
During the reporting period no actual
operations have been carried out.Notes
During the reporting period by the comprehensive impact of the year-on-year decline in the price of coal the dividend from the implementation of tax reduction and
fee reduction policy and the Company's effective control of various costs and expenses the overall profitability of the Company's coal-fired power plants went up
YOY the operating losses of Yuejiang Company Zhenneng Company and Dapu Power Plant decreased significantly YOY and the Zhongyue Company turned
losses into profit.VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2019
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
(1) Possible risks
1. West-to-East Power Transmission and Expansion of Provincial Installations Accelerate the Electricity
Competition
Affected by the international economic situation such as the Sino-US trade war and domestic economic conditions
the electricity consumption of the whole society showed a moderate low-speed growth trend and due to that the
West-to-East Power increased significantly and the new units in the province were put into operation successively
the utilization hours of the coal-fired power units in the province maintained in the low level leading to the
average utilization hours of coal-fired units in January-June fell by 390 hours YOY. It’s expected that the
long-term low-load operation of coal-fired power units will continue for a considerable period of time.
2. The process of power marketization is accelerating and the competition on the sales side is increasingly fierce.
In 2019 the scale of transactions in the Guangdong power market is expanded to 200 billion kWh an increase of
40 billion kWh YOY and accounting for about 45% of the province's electricity generation. The process of power
marketization has been accelerated and higher requirements have been placed on power marketing. It’s expected
that the power spot transaction in Guangdong Province will be put into trial operation in the second half of the
year. The competition in the power market in Guangdong will become increasingly fierce and there will be new
challenges in the power spot trading.
3. The demand for coal in the summer picks up and the price of coal rebounds.
Affected by the coal de-capacity policy the domestic coal supply and demand situation will continue to be tense
in the second half of the year. In particular with the gradual pick-up of coal demand in the summer and the impact
of extreme weather the short-term demand is strong and the coal price may rebound.
4. The development of the project is limited and the task of energy structure adjustment is arduous.
In the current policy environment the overall economic benefits of coal-fired units are relatively poor and only
large units in coastal areas are relatively stable. In recent years although the Company's clean energy business has
made big progress but the overall proportion is still low and the investment income of the newly
put-into-operation cogeneration project yet needs to be improved. The main business structure optimization task is
arduous.
(2) Solutions
1. Strengthen management and strive to improve business performance
Actively respond to the deepening reform of the electricity market organize the learning for policies and rules of
the electricity spot market strengthen the training of trading personnel and improve the business management
analysis and decision-making mechanism. Establish the concept of market first do a good job in the establishment
of marketing organization decision-making mechanisms and marketing work and continue to improve the
marketing system in line with the reform of power market.
2. Adhere to the goal and problem orientation strengthen financial management
Continuing to be goal-oriented and problem-oriented and giving the play of the guiding role of comprehensive
budget management strengthen the positive impact of financial fund management and focus on solving
management problems. Promote the registration work of 4 billion yuan corporate bonds and 4 billion yuan green
renewable corporate bonds and open up all financing channels in the bond market.
3. Implement the development strategy and promote the construction of infrastructure projects
Scientifically promote the construction of Bohe Power Plant and the Terminal and actively promote the upfront
work of a number of gas turbine projects such as Yong’an Thermal Power. The Huadu Thermal Power Project will
be promoted as fast as it can to complete the conditions for start-up construction and to organize the construction.The replacement power supply project at the Ningzhou site in Dongguan will be implemented according to the
unified deployment of the provincial government.
4. Centering on the core work and strengthening supervision and management
Give full play to the work of discipline inspection and supervision audit risk control and the work of the
supervisory board and strive to build a great supervision structure to promote the compliance management and
risk control. Focusing on the core work and serving the overall situation improve the internal audit system
orderly conduct the internal audit internal control evaluation risk management report etc. strengthen the
supervision of investment and related transactions and closely monitor the benchmarking of key indicators such
as coal price coal consumption and electricity volume thus to ensure the standard operation of the listed company.Strengthen the supervision and accountability implement the supervision measures continue to correct the "four
behaviors" and soundly promote the party's work style and the clean government construction and anti-corruption
work for creating a smooth and positive development environment for the Company.
5. Practice the concept of green development and vigorously promote the “clear water project”
In accordance with the concept of “Clear waters and green mountains are as good as mountains of gold and silver”we actively respond to the requirements by Guangdong Energy Group’s “Green Mountains and Clear WaterProject” promote the construction of zero-emission wastewater project for subordinate core-fired power plants
and carry out the whole process project supervision and management. We safely and smoothly promoted the
natural gas unit denitration system transformation and implemented the ultra-low emission transformation project
of Yuejiang W-type flame boiler and circulating fluidized bed boiler. Upon in-depth study of environmental
regulations and policy situation the Company strengthened the policy research and risk forecast improved the
Company's environmental supervision institution and system construction and actively identified and prevented
the environmental risks.V. Important Events
I. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Meeting Type
Investor
participation
ratio
Convened
date
Disclosure
date
Index to disclosed information
First Provisional
Shareholders’
general meeting of
2019
Provisional
Shareholders’
general
meeting
72.72%
February 21
2019
February 22
2019
Announcement No.:2019-10)..
Published in China Securities Daily Securities
Times and http//.www.cninfo.com.cn.
2018 Shareholders’
general meeting
Annual
Shareholders’
General
Meeting
73.26% May 212019 May 222019
Announcement No.:2019-25)..
Published in China Securities Daily Securities
Times and http//.www.cninfo.com.cn.
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period
□ Applicable √Not applicable
For the reporting period the Company plans not to distribute cash dividends or bonus shares or convert capital
reserve into share capital.III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company shareholder actual controller acquirer director supervisor
senior management personnel and other related parities.
□ Applicable √Not applicable
There are no commitments that the company shareholders actual controller offer or directors supervisors senior
management or other related parties have fulfilled during the reporting period and have not yet fulfilled by the end
of reporting period.IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.
V. Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issued
by CPAs firm for the reporting period
□ Applicable √ Not applicable
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.VIII. Legal matters
Significant lawsuits or arbitrations
√ Applicable □Not applicable
Basic situation of lawsuit(arbitration)
Lawsuit
amount
(RMB Ten
thousands)
Whether
form into
estimated
liabilities
Process of
lawsuit(arbitr
ation)
Trial results and
influences of
lawsuit(arbitration)
Situation of
execution of
judgment of
lawsuit
(arbitration)
Disclo
sure
date
Disclosure
index
On April 1 2019 Guangdong
Huizhou Pinghai Power Plant Co.Ltd. a holding subsidiary to the
Company received a set of legaldocuments including the “Notice ofResponding to action” “Subpoena”and “Civil Indictment” from Huizhou
Intermediate People's Court of
Guangdong Province involving the
case of contract dispute of China
Energy Construction Group
Guangdong Thermal Power
Engineering Co. Ltd suing Pinghai
Power Plant on Construction Project
with the case number of No.
363-(2018) Yue Civil Action. The
lawsuit claims include: 1. The Pinghai
Power Plant is ordered to pay the
project amount of RMB 165978408
(principal) and interest of RMB
72478979 (temporarily calculated as
for the period from May 1 2011 to
October 31 2018 with the final
interest calculated as of the date of
actual payment shall be calculated in
accordance with the benchmark
interest rate of similar loans of the
people's bank of China in the same
period) to Guangdong Thermal
Power; the above principal and
interest amount to RMB 238457387;
2. The Pinghai Power Plant is ordered
to bear all the litigation costs
including the acceptance fee and the
appraisal fee.
23845.74 No
The two
pre-trial
preparation
meetings for
the case were
held in the
Intermediate
People's
Court of
Huizhou City
Guangdong
Province
respectively
on May 14
2019 and July
18 2019 the
court session
time is yet to
be
determined.The lawsuit has not
yet been heard.There are
uncertainties in the
final judgment and
execution so it is
temporarily
impossible to judge
the impact on the
company's profits
in 2019 and
beyond.No
April
4
2019
Announceme
nt
No.:2019-12)
Published in
China
Securities
Daily
Securities
Times and
http//.www.c
ninfo.com.cn
Other lawsuits
√ Applicable □Not applicable
Basic situation of
lawsuit(arbitration)
Lawsuit
amount
(RMB Ten
thousands)
Whether
form
into
estimate
d
liabilities
Process of
lawsuit(arbitration)
Trial results and
influences of
lawsuit(arbitration)
Situation of
execution of
judgment of
lawsuit
(arbitration)
Disclosure
date
Disclosure
index
On January 30 2019 the
Company's holding
subsidiary Guangdong
Huizhou Pinghai Power
Plant Co. Ltd received a
set of legal documents
including the “Subpoena”
from the Huidong County
People's Court of
Guangdong Province
involving the case China
Energy Construction Group
Guangdong Thermal Power
Engineering Co. Ltd suing
Pinghai Power Plant on
construction contract
dispute of the flue gas
desulfurization project of
Pinghai Power Plant with
the case number of No.
164-(2019) Yue 1323 Civil
Action. The litigation
claims include: 1. Pinghai
Power Plant shall pay the
principal of RMB
12080480 and interest of
RMB 5554310 for the
construction payment to the
Guangdong Thermal Power
company with a total
principal and interest of
RMB 17634790; 2.
Pinghai Power Plant shall
bear all litigation costs
including the acceptance
fee and the appraisal fee
incurred in the case.
1763.48 No
The case was
originally scheduled
to be heard by
Huidong County
People's Court on
March 19 2019. On
February 2 2019
Pinghai Power Plant
submitted an
“Application forJurisdictionObjection” to the
Huidong County
Court requesting
that the case be
transferred to the
Huizhou
Intermediate Court
for judge. The
Huidong County
People's Court made
a "Civil Ruling" on
April 17 2019
dismissing Pinghai
Power Company's
objection to the
jurisdiction of the
case. The court
session time of this
case shall be
determined by the
Huidong County
People's Court in
writing notice.There are uncertainties
to the final judgment
result and execution of
this lawsuit and it’s
temporarily impossible
to judge the impact on
the Company's profit in
2019 and beyond.
The amount involved
in this lawsuit is
17634800 yuan. Upon
the net profit of 474
million yuan
attributable to the
shareholders of the
parent company in the
most recent period
(2018) of the
Company the net
profit attributable to
shareholders of the
parent company
affected by the amount
involved in the above
lawsuit is
approximately
7935700 yuan
accounting for 1.67%
of the audited net profit
of the most recent
period which does not
have a significant
impact on the
Company.
No
IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XI. Equity incentive plans employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.XII. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
（1）2019 daily related transactions were carried out after examination and approval by 2019 first provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
the transactions between them of the Financial Report of this report for details.
(2) The Proposal on the Financial Services such as Making the Application of the Total Loan Limit of RMB 22
Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co. Ltd by the
Company and Some of its Subsidiaries was approved in the company’s 2018 annual general shareholder meeting
for implementation.Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily Related Party
Transactions of 2019
January 262019 http//www.cninfo.com.cn.
Announcement on the related party Transactions of
Guangdong Electric Power Development Co. Ltd. with
Guangdong Yudean Finance Co. Ltd.
April 122019 http//www.cninfo.com.cn.
XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other
related parties of the Company
□Applicable √ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period.XIV. Significant contracts and execution
1.Entrustments contracting and leasing
(1) Trusteeship
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of GuangDong Energy Group on fulfilling relevant matters and to avoid the horizontal
competition and fulfill the relevant commitment of the horizontal competition the Company signed Stock
Trusteeship Agreement with GuangDong Energy Group wherein the shareholder's rights within the trusteeship
range except the ownership right of earning and right of disposition will be trusted to the Company which is
predicted to charge 245000 yuan as trustee fee per year. See details at the " Related Transaction Announcement
on Stock Trusteeship Agreement signed with GuangDong Energy Group Co. Ltd." published by the Company in
China Securities Daily Securities Times and http://www.cninfo.com.cn on January 13 2018(Announcement
No.2018-04).
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting
period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable □ Not applicable
Note As a lessee the Company rented houses and billboards from Yudean Real Estate Company and the rental fee
incurred this year was RMB3455180;
Note As a lessee the Company rented Power Generation equipment from Yudean Finance Lease Comapny and
the rental fee incurred this year was RMB31569867;
The parent company of the Company as a leassor leases the houses and parking spaces to units and individuals
such as Guangdong Electric Power Communication and Information Company and Guangdong Electric Power
Dispatching Center. The rental income for this year was confirmed to be RMB 680980.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
Ten thousands yuan
External Guarantee (Exclude controlled subsidiaries)
Name of the Company
Relevant
disclosure
date/No. of the
guaranteed
amount
Amount
of
Guarantee
Date of
happening (Date
of signing
agreement)
Actual
mount of
guarantee
Guarantee
type
Guarantee
term
Complete
implemen
tation or
not
Guarantee
for
associated
parties
(Yes or no)
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
May 242007 4350
December 19
2007
2030
Guaranteeing
of joint
liabilities.
15 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
December 19
2007
4350
November 30
2007
319
Guaranteeing
of joint
liabilities.
15 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
May 272009 9367 June 222009 5307
Guaranteeing
of joint
liabilities.
18 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
May 272009 7250 May 272009 1450
Guaranteeing
of joint
liabilities.
14 years No No
Total amount of approved external
guarantee in the report period(A1)
Total actually amount of
external guarantee in the
report period(A2)
-725
Total amount of approved external
guarantee at the end of the report
period(A3)
190835
Total actually amount of
external guarantee at the
end of the report
period(A4)
9106
Guarantee of the company for its subsidiaries
Name of the company
guaranteed
Related
announcement
date and no.
Amount of
guarantee
Date of
happening(date
of signing
agreement)
Actually
guarantee
amount
Guarantee
type
Guarantee
term
Complete
implemen
tation or
not
Guarantee
for related
party
(yes or no)
Zhanjiang Wind Power
Generation Co. Ltd.
April 292009 18571.7
October 9
2010
7152
Guaranteeing
of joint
liabilities.
18years No No
Guangdong Shaoguan
Yuejiang Power
Generation Co. Ltd.November 16
2013
9000
January 28
2014
1350
Guaranteeing
of joint
liabilities.
7 years No No
Guangdong Shaoguan
Yuejiang Power
Generation Co. Ltd
November 16
2013
8100
January 29
2014
450
Guaranteeing
of joint
liabilities.
7 years No No
Total of guarantee for subsidiaries
approved in the period(B1)
Total of actual guarantee
for subsidiaries in the
period (B2)
-2488.3
Total of guarantee for subsidiaries
approved at period-end(B3)
141536
Total of actual guarantee
for subsidiaries at
period-end(B4)
8951.55
Guarantee of the subsidiaries for the controlling subsidiaries
Name of the
Company
guaranteed
Relevant disclosure
date/No. of the
guaranteed amount
Amount of
guarantee
Date ofhappening
(Date osigning
agreement)
Actual
mount of
guarantee
Guarantee
type
Guarantee
term
Complete
implemen
tation
Guarantee
for
associated
or not parties
(Yes or no)
The Company’s total guarantee(i.e.total of the first three main items)
Total guarantee quota approved
in the reporting period
（A1+B1+C1）
Total amount of guarantee
actually incurred in the
reporting period（A2+B2+C2）
-3213.3
Total guarantee quota already
approved at the end of the
reporting period（A3+B3+C3）
332371
Total balance of the actual
guarantee at the end of the
reporting period（A4+B4+C4）
18057.55
The proportion of the total amount of actually guarantee in thenet assets of the Company (that is A4+B4+C4）%
0.74%
Including：
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed
70% directly or indirectly（E）
10906
Total guarantee Amount of the abovementioned guarantees
（D+E+F）
10906
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.XV. Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental
protection department
Yes
Company or
subsidiary
name
Main
pollutant
and
specific
pollutant
name
Emission
way
Emission
port
number
Emission
port
distribution
condition
Emission
concentration
(mg/Nm3)
Implemented pollutant
emission standards
Total
emission
(Tons)
Verified
total
emission
(Tons)
Excessive
emission
condition
Shajiao A power
plant
Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
1.73
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
20.05 20.05 No
Shajiao A power
plant
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
16.20
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
187.75 187.75 No
Shajiao A power
plant
NOX
Concentrat
ed emission
2
Within the
factory
26.13
Emission Standard of
Air Pollutants for
302.89 302.89 No
through
chimney
Thermal Power Plants
(GB13223-2011)
special emission limit
Guangdong
Yudean Dapu
Power Plant
Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
1.51
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
13.776 593 No
Guangdong
Yudean Dapu
Power Plant
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
8.45
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
77.257 1447 No
Guangdong
Yudean Dapu
Power Plant
NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
24.75
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
226.303 1502 No
Zhanjiang
Zhongyue
Energy Co. Ltd.
Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
1.38
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
11.33 480 No
Zhanjiang
Zhongyue
Energy Co. Ltd.
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
13.10
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
107.92 1200 No
Zhanjiang
Zhongyue
Energy Co. Ltd.
NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
25.07
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
206.53 1587 No
Guangdong
Shaoguan
Yujiang Power
Generation Co.Ltd.Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
330MW:
6.35
600MW:
1.16
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
28.18 358.89 No
Guangdong
Shaoguan
Yujiang Power
Generation Co.Ltd.
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
330MW:
80.84
600MW:
12.22
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
355.70 1151.78 No
Guangdong
Shaoguan
Yujiang Power
Generation Co.Ltd.NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
330MW:
93.46
600MW:
25.42
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
499.12 1404.5 No
Zhanjiang
Electric Power
Co. Ltd.
Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
1
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
14.40
Not
approved
No
Zhanjiang
Electric Power
Co. Ltd.
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
13
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
141.14
Not
approved
No
special emission limit
Zhanjiang
Electric Power
Co. Ltd.
NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
28
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
298.65
Not
approved
No
Guangdong
Yudean Jinghai
Power General
Co. Ltd.
Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
1.99
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
46.08 1770 No
Guangdong
Yudean Jinghai
Power General
Co. Ltd.
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
17.54
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
405.84 6502 No
Guangdong
Yudean Jinghai
Power General
Co. Ltd.
NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
32.86
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
760.13 4687 No
Guangdong Red
Bay Power
General Co. ltd.Smoke
Concentrat
ed emission
through
chimney
4
Within the
factory
3.12
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
52.35
Not
approved
No
Guangdong Red
Bay Power
General Co. ltd.
SO2
Concentrat
ed emission
through
chimney
4
Within the
factory
9.10
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
163.18
Not
approved
No
Guangdong Red
Bay Power
General Co. ltd.NOX
Concentrat
ed emission
through
chimney
4
Within the
factory
23.88
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
421.55
Not
approved
No
Maoming
Zhenneng
Thermal power
Co. Ltd.
Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
1.69
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
11.06 168.12 No
Maoming
Zhenneng
Thermal power
Co. Ltd.
SO2
Concentrat
ed emission
through
chimney
2
Within the
factory
12.35
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
88.72 385.51 No
Maoming
Zhenneng
Thermal power
Co. Ltd.
NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
35.85
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
214.58 689.58 No
Guangdong
Huizhou Pinghai
Power Plant Co.Ltd.Smoke
Concentrat
ed emission
through
chimney
2
Within the
factory
2.54
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
16.59 700 No
Guangdong SO2 Concentrat 2 Within the 25.16 Emission Standard of 317.55 3500 No
Huizhou Pinghai
Power Plant Co.Ltd.ed emission
through
chimney
factory Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
Guangdong
Huizhou Pinghai
Power Plant Co.Ltd.NOX
Concentrat
ed emission
through
chimney
2
Within the
factory
38.46
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
476.21 1750 No
Guangdong
Guohua Yudean
Taishan Power
Generation Co.Ltd.Smoke
Concentrat
ed emission
through
chimney
6
Within the
factory
2.17
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
60.26
Not
approved
No
Guangdong
Guohua Yudean
Taishan Power
Generation Co.Ltd.
SO2
Concentrat
ed emission
through
chimney
6
Within the
factory
14.05
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
390.45
Not
approved
No
Guangdong
Guohua Yudean
Taishan Power
Generation Co.Ltd.NOX
Concentrat
ed emission
through
chimney
6
Within the
factory
27.61
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
767.16
Not
approved
No
Qianwan LNG
power plant
NOX
Concentrat
ed emission
through
chimney
3
Within the
factory
15.42
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
100.77 1312.5 No
Huizhou LNG
power plant
NOX
Concentrat
ed emission
through
chimney
6
Within the
factory
28.69
Emission Standard of
Air Pollutants for
Thermal Power Plants
(GB13223-2011)
special emission limit
636.5 2033 No
Prevention and control of pollution facilities construction and operation
In accordance with the national environmental protection plan each power plant of the company implements
positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and Transform
Action Plan (2014-2020) and National Energy Administration Comprehensive Division Notice about
Decomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Target Tasks etc. and promotes the ultra-low emission transformation project. At present the
company's subordinate coal-fired units have all completed ultra-low emission transformation work and the
emission concentration of export flue gas pollutants has been greatly reduced on the basis of the original
environmental emission standards During the reporting period the pollution control facilities built in the
subordinate power plants operated normally.
Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects
The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative
licenses.
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis emergency command organization and responsibilities disposal
procedures and disposal measures improved the ability to respond to unexpected environmental events and
ensured that after an outbreak of an environmental incident the company can organize emergency rescue work in
a timely orderly and efficient manner to prevent pollution of the surrounding environment minimize the damage
and social harm caused by the incident maintain social stability and protect public health and property safety.
Environmental self-monitoring program
During the reporting period the company’s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and regulations and conducted self-monitoring of the environment in accordance with the monitoring program
and announced its own monitoring results in Guangdong Province's key pollution source regulatory information
platform and the national pollution source monitoring information and sharing platform. Both the announced rate
and completion rate had reached 100%.Other environmental information that should be disclosed
Nil
Other environmental protection related information
Nil
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and the
Development and General Secretary Xi Jinping's series of important speeches on poverty alleviation and the
development and in accordance with the Guangdong Provincial people's Government's "Opinions on the
implementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and Precision
Poverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018
of new time of "Precision Poverty Alleviation and Precision Poverty Reduction" by adhering the concept of
innovation coordination green open and shared development the Company will strengthen the awareness of the
overall situation and the sense of responsibility of “The Rich fist leads latter and realize the common prosperity”
fully utilize the advantages carry out the measures of precision poverty alleviation to the village-under-aid
effectively enhance the local “vitality-making” function focus on boosting the village’s collective economic
strength developing the environment and society and people’s livelihood thus to increase the income of
poverty-alleviation objects so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industry
development for the village-under-aid implement the “one village one product” industry promotion action tap
into the resources advantages precisely select the dominant industry and the dominant products support the
construction of characteristic agricultural bases with high participation of poverty households support the large
agricultural households and professional cooperatives small and micro enterprises and so forth agricultural
operation bodies to speed up the development. Explore the “Internet + Precision Poverty Alleviation” model
strengthen the training of rural E-commerce merchants in poor villages and encourage farmers to open online
stores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collective
economy allow the financial special poverty alleviation funds and other agricultural-related funds to invest in
facilities such as agriculture farming industrial parks hydropower rural tourism and so forth without changing
their use purposes and the resulting asset income can be converted to shares quantization to poor villages and
poor households. Cooperate with the local to explore and promote the rights confirmation of land management
with accordingly converting to shares guide poverty-stricken households especially those who are incapable of
working to voluntarily transfer the land management rights according to law and use assets such as land
agricultural facilities and poverty alleviation funds to price to convert into shares gaining the operating income
according to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment
assist to carry out the all kinds of policy training promote the relevant vocational and technical colleges to recruit
children from poor families thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and development
environment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects;
improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection and
treatment and the cleaning system; improve village cultural and leisure activities public toilets landscaping and
greening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments the Company
will vigorously promote the poverty alleviation through education so that all children in the villages-under-aid can
receive a good education increase the education subsidies for poor families ensure that children from poor
households do not drop out of school due to poverty pay attention to left-behind children and build left-behind
children's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to help
impoverished households complete the renovation of dilapidated buildings and fully complete the task of assisting
low-income people in housing reconstruction assisting in the improvement of domestic garbage disposal sewage
treatment public toilets and greening and beautification of villages. We will use the entire village as a platform to
accelerate the improvement of production and living conditions of poor villages and steadily promote the
construction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building and
poverty alleviation both at the same time with the party building to help the poor and with the poverty alleviation
to promote the party building. Organize and hold regular meetings of the "two committees" meetings of the
villages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village"
to do a good job in organizing the masses serving the masses uniting the masses and enhancing the ability of the
cadres of the "two committees" of the poor villages to lead the people out of poverty and run to health; It’s
necessary to constantly strengthen the development consciousness market awareness teaching ideas teaching
methods and teaching experience of cadres at the grass-root level mobilizing the grass-root level cadresstrengthen the grass-root organizations muster up the drive to fight against poverty and build up “Thenever-leaving Task Force on Poverty Alleviation” thus to lay the foundation for the sustainable and healthy
development of poor villages.
8. Lead multiple parties to participate in. Guide industries enterprises social organizations and individuals to
participate in poverty alleviation and encourage companies to actively undertake social responsibilities fully
stimulate the market's vitality and help villages to invest in industries develop training skills absorb employment
and help the poor with donated money through various forms such as resource development and joint construction
of villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion comprehensivelypublicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation andPrecision poverty reduction” strengthen the ideological education and guidance and strengthen the cadres and the
masses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagers
to change the obsolete customs and habits stimulate the impoverished people to work hard and develop good
enthusiasm and create a positive atmosphere for self-reliance hard-working and getting rid of poverty and
becoming better off.
（2）Half-year poverty relieving summary
During the reporting period the company actively implemented the overall deployment and arrangement of
Guangdong province's work on "targeted poverty relief and targeted poverty alleviation" actively invest human
material and financial resources in poverty relief work and its six subsidiaries namely Yuejiang company Red
bay company Zhenneng company Zhanjiang company Dabu company and Zhanjiang wind power company
actively carried out targeted poverty relief assistance work.
I Counterpart assistance of Yuejiang Company on Mi Xiashui village Quan’an Town Nan Xiong City
2019 is the key year for winning the first 100-year goal of building a well-off society in an all-round way and
winning the battle against poverty. According to the arrangement of relevant documents of the provinces and cities
Yuejiang Power Generation Company selected a cadre to serve as the party building instructor in the villages in
the second phase of provincial poverty-stricken villages to assist Shaoguan Municipal Government Office in
carrying out targeted poverty relief and targeted poverty alleviation work in Mixiashui Village:
1. Strengthen Party building. Centering on the deployment requirements of the central government provinces
cities and counties on the Party's construction to promote poverty alleviation and in combination with the actual
situation in Nanxiong City and Quan'an Town efforts are focused on "grasping points expanding areas
improving quality and strengthening capabilities" to give full play to the exemplary and leading role of Party
members. On June 27 a meeting of members of the general party branch of Mixiashui Village was held to
organize party lectures-Interpretation of the Regulations on Education Management of Party Members and
Interpretation of the Regulations on the Work of Party Branch.
2. Well ensure the people's livelihood. Fully implement the "Three Guarantees" policy and complete the reporting
of information on the dilapidated house reconstruction project for poor household Ye Chengxiang; Fully
implement poverty relief education guarantee for poor households in accordance with the policy requirements;
Promote full coverage of medical insurance fully implement the medical insurance policy and subsidize 41 poor
households to purchase urban and rural medical insurance; Send warm condolences to poor households and send
warm condolences to all poor households in January before the Spring Festival.
3. Accurate identification: in early June the work team stationed in the village together with town cadres and
village cadres conduct on-door visit to acquire the poverty information of Yao Shihui and Ye Chengming and
reported the information to Nanxiong Poverty Relief Office after comprehensive analysis and verification. Yao
Shihui and Ye Chengming are to be included in the poor households.4. In 2019 it will continue to build 4 boutique villages including Liaowu Village Yaowu Village Liuwu Village
and Shigang Village. In the first half of the year it has basically completed the "three clean-ups and three
dismantlements" of relevant sections actively won the support of superior policies and made solid progress in the
construction of new rural demonstration villages.
5. According to the requirements of the Implementation Plan of "Award Instead of Compensation" for Targeted
Poverty Relief and Targeted Poverty Alleviation in Nanxiong City in 2019 the" Award instead of Compensation"
will be implemented for pig raising and peanut planting by poor households in the first half of the year.
6. Work hard to promote poverty relief through high-quality rice and passion fruit industries. Urge Mixiahui
Village Zhongzhi Cooperative to sign a high-quality rice purchase agreement with Nanxiong Jinyou Company to
unify the external sales through the cooperative open up the high-quality rice sales market and improve the
market bargaining power; Relying on Mixiashui Village Passion Fruit Planting Demonstration Base actively
guide and help 10 poor households in Mixiashui Village to participate in passion fruit planting regularly provide
technical guidance to growers and operate it through the "enterprise+cooperative+poor households" business
model carry out planting and management according to unified standards and adopt reserve price for purchase to
ensure the income of poor households.II. Counterpart assistance of Red Bay Company on Outian Village Luoxi Town Luhe County
(I) Actively complete and promote village project construction
1. Assist on the village collective economic development projects. Organize poor households to carry out sweet
potato planting and bee breeding projects.
2. Implement the income from the investment in Xinhe Industrial Park Targeted Poverty Relief Industrial Park
Project. In order to establish a long-term poverty alleviation mechanism and prevent repoverty after poverty
alleviation with the village collective as the main body use the aid fund to invest by shares in the industrial park.The aid unit helps the village by investing 1 million yuan aid fund with a 10% guaranteed bonus every year. The
revenue of OCT Luoxigu tourism project is 500000 yuan with a 10% guaranteed bonus every year for poverty
alleviation of poor households.
3. Carry out the training program on poor people's labor skills and transfer of employment. According to the needs
of the poor 50 people from poor households are organized for training in agricultural applicable technologies and
50 people for training in relevant contents of employment transfer. A total of 15620 yuan is invested in training.
4. Actively introduce OCT Luoxi Valley Project. The stationed work team actively coordinated and communicated
with the OCT in eastern Shenzhen and actively contacted relevant county departments. In June 2017 the OCT
Eastern Group in Shenzhen officially settled in Otian Village to launch the OCT Luoxigu rural tourism project. In
June 2018 the OCT Luoxigu rural tourism project was officially put into use. In the first half of 2019 through the
development of the rural tourism industry poverty alleviation were conducted for poor households.
5. A total of 295000 yuan was invested to complete the construction of Outian Village Party and Mass Service
Center.
(II) Conduct full deployment and active implementation and actively promote the completion of household
project construction.
1. Actively implement the poverty reduction plan. According to the plan issued by the county poverty relief office
217 people from 52 households have completed poverty alleviation by the first half of 2019 and 11 people from
the remaining 3 households failed. The main reason for the poverty alleviation failure is that the renovation of
dilapidated houses has not been accepted and the economic income has reached the conditions for poverty
alleviation. The poverty alleviation plan issued by the county poverty relief office is completely overfulfilled.2. Vigorously promote medical insurance and social security assistance. 240 people are helped on purchasing
health insurance and social security costs.
3. Provide the living allowance for 59 students from poor families.
(III) Strengthen the grass-roots party building work arrange the team to actively participate in and organize the
three meetings & one lesson and two studies & one practice of the village and the spirit of the party's 19th
congress special study activities to lay a good political foundation for the village's poverty alleviation and new
rural construction work.(IV) Renovation of dilapidated buildings. Of the 22 dilapidated buildings to be renovated for poor households 19
have been accepted and 3 are to be accepted.III. Counterpart assistance of Zhenneng Company on Xinpo Village Shalang Town Dianbai District Maoming
City
1. Well ensure in preparing for the two-stage 2018 targeted poverty relief assessment in Dianbai District and
Maoming City successfully pass the two-stage poverty relief effectiveness assessment and finally score 98 points
in the Maoming municipal assessment.
2. Carry out partner assistance. According to personnel changes and work needs timely adjust the person
responsible for partner assistance and implement the "one-on-one" partner assistance requirements; Those
responsible for assistance should visit poor households at least once a quarter to understand the existing problems
analyze the causes formulate and implement assistance measures adhere to the combination of poverty relief and
motivation daily assistance and temporary relief material assistance and spiritual encouragement continuously
improve the awareness of poor households play their main roles and achieve stable poverty alleviation through
their own efforts. Carry out the identification of poor households and new work. In 2019 Xinbei Village plans to
add 1 poor household. After the application of villager Liao Taohua's household (with a population of 3 secondary
physical disability no labor force 8-year-old boy and 5-year-old boy) of Xinbei Zhaixia Village the site
inspection by the village two committees and the poverty alleviation team stationed in the village the discussion
at the meeting of the village two committees the voting at the villagers' congress the publicity at the village level
and other procedures Xinbei Village submitted relevant materials to the poverty relief office of Shalang Town on
June 3 and has now entered the publicity stage at the township level. In addition in mid-June the Social Affairs
Office of Shalang Town has been urged to submit materials to the higher authorities to include Liao Taohua's two
sons in the minimum living allowance. They are with no labor force thus should be guaranteed for living by the
Guangdong Development Bank Maoming Branch in form of partner assistance.
3. Poverty Relief Industrial Park. According to the work plan from April 2019 the leek industrial park (60 mu) in
Xinbei Village will be transformed into pomegranate industrial park (50 mu). It is planned to invest 300000 yuan
in 2019 to plant red heart guava which will bear fruits in the beginning of 2020 with a planting duration of 10
years. By June 30 2019 land leveling planting and the first weeding have been completed. The construction of
water and fertilizer integration is almost completed with an investment of more than 180000 yuan.
4. Poverty relief condolences. On the eve of the Spring Festival and July 1 support units and support responsible
persons are organized to visit poor households in the village and send gifts and holiday greetings.
5. Organize people with working ability in some poor households to participate in the car beauty related business
skills training in Shalang Town to improve the skill level of poor workers; On the other hand mobilize and assist
poor workers to participate in job fairs organized by Dianbai District to go out for work or to find jobs nearby so
as to raise their incomes through active working. Follow up the provision of public welfare posts and the
implementation of relevant treatment.IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village Nanxing Town Leizhou City
In the first half of 2019 the company's poverty relief staff under the care and leadership of the company's party
committee and in accordance with the unified arrangements of the provincial party committee the provincial
government and Zhanjiang city have carried out all kinds of poverty relief work in a down-to-earth and earnest
manner. The stationed working group has visited the poor households many times to understand the situation of
the poor households held meetings with all the village cadres to study the poverty relief work and worked out
assistance measures. Now all the projects for the poor households have been implemented and have yielded
benefits. This is summarized as follows:
(I) Long-term poverty relief projects
1. The investment in photovoltaic power generation projects has been completed and has yielded benefits.
2. The investment in Guangdong Yujie Ecological Agriculture Development Co. Ltd. has been completed and
began to make profits in 2019.
3. The investment in Leizhou city grazing pig breeding integration industry has been completed and began to
make profits in 2019.(II) Public welfare projects supported by Zhanjiang Power Company until the first half of 2019
1. Two villager drinking water construction projects with an investment of 79900 yuan.
2. Construction of sewage ditches and garbage ponds with an investment of 62000 yuan.
3. Sports facilities construction with an investment of 124000 yuan.
4. Construction of village committee and party building with an investment of 110000 yuan.
5. Renovation of dilapidated buildings for poor households costing 38000 yuan.
6. Festival condolences to poor households costing 90000 yuan.
(III) Work to be carried out in the first half of 2019
1. Organize and improve the poverty relief materials.
2. Organize to assist the village committee to carry out party building work.
3. Organize and hold eight poverty relief work meetings.
4. Organize and assist the village committee to carry out the rural revitalization work.
5. Organize to assist the village committee to carry out the "anti-crime" work.
6. Organize and assist village committees to carry out anti-drug work.
7. Organize to assist the village committee to carry out the "three demolitions and three clean-ups".
8. Organize party members to attend two party classes and six party day activities.
9. Visit poor households from time to time.
V. Counterpart assistance of Dapu Company on Xiamu Village Fenglang Town Dapu County Meizhou City
In 2019 the company continued to send a middle management officer as the first secretary to assist Jianghai
Sub-district Office in Haizhu District of Guangzhou to help Xiamu Village Fenglang Town Dabu County
Meizhou City and carried out the following assistance work:
1. Solid Party building at the grass-roots level: It invested 29500 yuan in the construction of the activity room for
new members of the village committee purchased a number of office desks and chairs and ensured to display the
publicity column for Party building and system on the wall;
2. Carry out activities to celebrate the 98th anniversary of the Party founding offer condolences to four
60-year-old Party members and organize Party members to carry out revolutionary traditional education on the
theme of "Stay true to the mission and keep in mind the mission";
3. Invest 21000 yuan for the Spring Festival condolences of 70 poor households;
4. As of June 30 2019 through dynamic management the whole village has 70 poor households with 142 people
in which 65 households with 133 people completed the poverty alleviation accounting for 93.7% of the
poverty-stricken population. Among them there are 19 people from 8 general poor households 15 people from 15
households with five living guarantees and 99 people from 42 households with minimum living guarantees.VI. Counterpart assistance of Zhanjiang Wind Power Co. Ltd. on Houhai Village Xinliao Town Xuwen County
In the first half of 2019 Zhanjiang Wind Power Company will continue to carry out targeted poverty relief work
in Houhai Village Xinliao Town Xuwen County and Shuitou Village He'an Town (serving as the party
construction instructor in the village). Under the strong leadership of the Party committee at the higher level the
strong cooperation of the cadres of the "two committees" in the village and the efforts of the stationed team
various poverty relief projects have been actively implemented for poor households and the utilization rate of
special funds for poverty relief in provinces and cities has reached 100%. In addition self-raised funds from
support units are used to help poor households and village collectives to solve practical difficulties. In addition in
order to achieve targeted policy implementation targeted assistance fully reflect the characteristics of one
policy for one family and actively explore highlights thus affecting and driving the poor households around to
find ways to increase their income achieve stable poverty alleviation and prosperity and achieved remarkable
results. As of June 30 2019 there were 95 poor households and 368 poor people in Houhai village. 337 people
from 89 households have completed poverty alleviation reaching the poverty alleviation standard accounting for
91.58% of 368 poor people in Houhai Village achieving good phased results which has been fully affirmed and
praised by the higher party committee. Under the leadership of the town party committee the party construction
instructors closely rely on the village party organizations to guide the party construction work publicize policies
and regulations and collect social conditions and public opinions effectively promoting the construction of
grass-roots party organizations and providing strong support for targeted poverty relief work.
(3)Targeted Poverty Alleviation Result
Index
Measurement
unit
Quantity / Status
I. General situation —— ——
Thereinto： 1.Capital Ten thousands 243.65
2. Cash supplies Ten thousands 4.82
3. Ecological protection to poverty alleviation Person 1028
II.Breakdown Input —— ——
1. Poverty alleviation by industrial development —— ——
Among them: 1.1 Project type of poverty alleviation by industrial
development
——
Poverty Alleviation by agriculture and
forestry; poverty alleviation through
tourism; poverty alleviation from asset
income
1.2 Number of poverty alleviation projects in industrial development Person 4
1.3 Investment amount of industrial development poverty alleviation
project
Ten thousands 19
1.4 The number of poverty population who had been helped to create a
file
Person 195
2. Poverty alleviation by transfer employment —— ——
Among them: 2.1 Investment amount of vocational skill training Ten thousands 0.5
2.2 Number of people of vocational skill training Person 45
2.3 Quantity of employment of poverty population who had been helped
create a file
Person 36
3. Poverty alleviation by relocation —— ——
4. Educational poverty alleviation —— ——
Among them: 4.1 Investment amount of subsidizing poverty students Ten thousands 10.21
4.2 Number of subsidized poverty students Person 51
4.3 Improving the investment amount for education in poor
areas
Ten thousands 0.3
5. Health poverty alleviation —— ——
Among them: 5.1 Investment amount for medical and health resources in
poor areas
Ten thousands 1.44
6. Ecological protection poverty alleviation —— ——
Among them:6.1 Project type ——
We will carry out ecological
protection and development
6.2 Investment amount Ten thousands 6.27
7. Guarantee of all the details —— ——
8. Social poverty alleviation —— ——
9. Other projects —— ——
Among them: 9.1 Number of project a 9
9.2 Investment amount Ten thousands 126.75
9.3 Number of poverty population who had been helped to create a file Person 563
III. Awards (Content and level) —— ——
（4）Subsequent targeted poverty alleviation program
The Company will continue to implement the relevant provincial municipal and county regulations on targeted
poverty alleviation adjust measures to local conditions and explore an accurate path for targeted poverty
alleviation. Firstly it will continue to strengthen the Party's style of work promote the "two committees" in the
villages to strengthen ideological construction. Secondly it will improve its ability by learning continue to learn
the spirit of Comrade Xi Jinping's series of important speeches the spirit of targeted poverty alleviation
documents the relevant business knowledge of poverty alleviation the ways and means of dealing with the
masses and further improve its ability to solve problems for the masses. Thirdly prioritize the tasks and promote
their implementation. All poverty alleviation working groups will continue to focus on the core of targeted poverty
alleviation seize the core work of poverty alleviation and carry out and implement relevant work in an all-round
and coordinated manner. For poverty alleviation projects and village collective projects that are included in the
establishment of cards for archives the support of relevant departments is actively sought in accordance with the
established objectives and tasks to assist the villages and poor households in implementing poverty alleviation
projects and ensure the full completion of poverty alleviation objectives and tasks in a pragmatic manner.XVI.Other material events
√ Applicable □Not applicable
Summary of important matters Name Date of
disclosure
Website for
disclosure
Since January 1 2019 the company has adjusted the depreciation
period of fixed assets of Shajiao A Power Plant. The net profit
attributable to the parent company is expected to decrease by about 174
million yuan in 2019 and 49 million yuan annually from 2020 to 2023
and the owners' equity attributable to the parent company is expected to
decrease by about 174 million yuan in 2019 and 49 million yuan
annually from 2020 to 2023.
Announcement of the
adjustment of depreciation
period of fixed assets in
Shajiao A Power plant
January
262019
http//.www.cni
nfo.com.cn
In order to further promote the Company's large-scale development of
offshore wind power in Guangdong Province and in the southeast coast
the Board of directors agreed to invest in Zhuhai Jinwan offshore wind
farm project (300000 kilowatts) with a total dynamic investment of
RMB 5643.17 million-of which the capital is RMB 1128.634
Announcement on
Investment and
Construction of Zhuhai
Jinwan Offshore Wind
Power Project
January
262019
http//.www.cni
nfo.com.cn
million-accountting for 20% of the total dynamic investment-that shall
be appropriated by the Company.The Company's 2019 daily related party transactions are approved and
implemented by the 2019 first extraordinary shareholders' meeting held
on February 21 2019.
Estimates announcement of
the Daily Related Party
Transactions of 2019
2 January
262019
http//.www.cni
nfo.com.cn
The controlling shareholder-Guangdong GuangDong Energy Group
Co. Ltd. has been changed to “Guangdong Energy Group Co. Ltd”
from the date of February 182019. Except for the above change other
business registration items remained unchanged. The above matter does
not involve changes in the shareholding of the controlling shareholder
and does not affect the Company's business activities. The controlling
shareholder and the actual controller of the Company remain
unchanged.
Announcement on Change of
Controlling Shareholder
Name
February
182019
http//.www.cni
nfo.com.cn
Mr. Zhou Xi'an the former director of the company ceased to hold the
post of director of the company due to job changes. After the election of
the first extraordinary shareholders' meeting in 2019 held on February
21 2019 Mr. Yan Ming served as a director of the Company.
Announcement of
Resolutions of the First
provisional shareholders'
general meeting of
Guangdong Electric Power
Development Co. Ltd. of
2019
February
222019
http//.www.cni
nfo.com.cn
The company bonds - "12 Yudean Bonds" completed the annual interest
payment for 2019 on March 18 2019.
Announcement of
Concerning Payment of
Corporate “12 Yudean
Bonds”
Interest of 2019
March 12
2019
http//.www.cni
nfo.com.cn
On April 1 2019The controlling subsidiary- Guangdong Huizhou
Pinghai Power Generation Plant Co. Ltd. that it received a set of legal
documents such as Notice of Appearance Summon and Complaint for
Civil Action issued by Intermediate People's Court of Huizhou City
Guangdong Province concerning Guangdong Thermal Power
Engineering Co. Ltd. of China Energy Engineering Corporation suing
Pinghai Power Plant for a dispute over a construction contract.
Announcement on conc
erning subsidiaries involved i
n major Litigation
April 4
2019
http//.www.cni
nfo.com.cn
According to the Ministry of Finance's Notice on Revising and Issuing
the Format of Financial Statements for General Enterprises in 2018 (CK
[2018] No.15) and notices on the relevant accounting standards for new
financial instruments the company's accounting policies will be
changed.
Announcement on changes in
Accounting Policy
April
122019
http//.www.cni
nfo.com.cn
In order to actively implement the decision-making arrangements of“promoting the decommissioning of Shajiao Power Plant Units onschedule doing a good job in the construction of alternative powersupply of natural gas power and so on” by the Guangdong Provincial
Party Committee and the provincial government and for accelerating
the work related to the alternative power supply project in Dongguan
Ningzhou site The company has established the Ningzhou site
alternative power supply project company in Dongguan in a
wholly-owned manner with its registered place in Humen Town of
Dongguan City and its initial registered capital is 30 million yuan. The
project company will carry out the preliminary work of the Ningzhou
project according to the requirements approved by the project and the
cost will be controlled at 19.6 million yuan.
Announcement on the External
Investment of the Company to
Establish the Dongguan
Ningzhou Site Alternative
Power Project Company
June 122019
http//.www.cni
nfo.com.cn
XVII. Material events of subsidiaries
√ Applicable □Not applicable
The company's holding subsidiary Guangdong Yudean Pinghai Power Plant Co. Ltd received the
“Administrative Punishment Decision” issued by the Guangdong Provincial Ocean & Fisheries Bureau onNovember 14 2016 (No. 019-2016 Yuehai Executive Punishment) and the punishment decision “ordered Pinghaito return the illegally occupied sea areas and restore the sea areas to their original state and sentenced 10 times
fines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectaresamounted to RMB 172144350.00” for that Pinghai Power Plant carried out the site leveling and bank protection
work of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behavior
violated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Use
of Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parent
company in 2015 the amount involved in the above-mentioned administrative penalty affects the net profit
attributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the net
profit of the most recently audited period.Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" andapplied for administrative reconsideration to the People's Government of Guangdong Province on January 16
2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China".
On June 16 2017 the People's Government of Guangdong Province issued a decision on the administrativereconsideration which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of the
Administrative Reconsideration Law of the People's Republic of China the Administrative Punishment Decision
(No. 019-2016 Yuehai Executive Punishment) made by the respondent’s Provincial Department of Ocean and
Fisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsideration
decision and filed an administrative litigation to the Guangzhou Maritime Court on July 18 2017. On December
28 2017 the Guangzhou Maritime Court issued an administrative decision stated “In accordance with theprovisions of Article 69 of the Administrative Procedure Law of the People's Republic of China the decision is asfollows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co. Ltd was rejected”. Pinghai Power
Plant disagreed with the verdict and lodged an appeal to the Guangdong Provincial Higher People's Court against
the verdict which has not yet been determined. According to the net profit of RMB 937 million attributable to
shareholders of the parent company in the previous year (2016) the amount involved in the above lawsuit affects
the net profit attributable to shareholders of the parent company of approximately RMB 77.4 million which
accounts for approximately 8.26 % of the net profit of the most recently audited period which does not constitute
a major impact on the Company.
As of the disclosure date of this report the above-mentioned administrative punishment and the administrativelitigation matter are still in the process of multi-party communication and coordination. According to the “AssetPurchase Agreement by Share Issuance” signed between Energy Group and the Company in 2012 Energy Group
shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of
the matter.
2. Guangdong Yudean Pinghai Power General Plant Co. Ltd. a controlling subsidiary of the Company received
the Decision on Administrative Punishment (YHDCF [2019] No.042-1) issued by Huidong County Oceanic and
Fishery Bureau on November 13 2018. The act of illegally occupying 1.2813 hectares of sea area by Pinghai
Power Plant to construct a sand barrier violated the provisions of the second paragraph of Article 3 of the Law of
the People's Republic of China on the Use of Sea Areas and the decision was that "It is ordered to return the
illegally occupied sea area restore the sea area to its original state and imposed an administrative penalty of RMB
11531700". According to the Company's audited net profit attributable to the shareholders of the parent company
of 743 million yuan in 2017 the amount of the above administrative penalty affects the net profit attributable to
the shareholders of the parent company of about 5189300 yuan accounting for about 0.7% of the latest audited
net profit. Pinghai Power Plant refused to accept the punishment measures in the Decision on Administrative
Punishment and filed an application for administrative reconsideration.
On April 7 2019 Huidong County People's Government issued the Administrative Reconsideration Decision
(HDFXF [2019] No.2) maintaining the original decision of Huidong County Bureau of Ocean and Fisheries on
administrative punishment. Pinghai Power Plant refused to accept the above-mentioned administrative
reconsideration decision and brought an administrative lawsuit to Guangzhou Maritime Court on April 29 2019.Guangzhou Maritime Court held a hearing on June 12 2019. No judgment has yet been reached.
As of the disclosure date of this report the above-mentioned administrative punishment and the administrativelitigation matter are still in the process of multi-party communication and coordination. According to the “AssetPurchase Agreement by Share Issuance” signed between Energy Group and the Company in 2012 Energy Group
shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of
the matter.VI. Change of share capital and shareholding of Principal
Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion
Share
allotment
Bonus
shares
Capitaliz
ation of
common
reserve
fund
Other Subtotal Quantity Proportion
I. Share with conditional
subscription
1897968946 36.15% 1897968946 36.15%
2. State-owned legal person
shares
1893342621 36.06% 1893342621 36.06%
3.Other domestic shares 4626325 0.09% 4626325 0.09%
Of which：Domestic legal
person shares
4620666 0.09% 4620666 0.09%
Domestic natural person
shares
5659 0% 5659 0%
II. Shares with unconditional
subscription
3352315040 63.85% 3352315040 63.85%
1.Common shares in RMB 2553907040 48.64% 2553907040 48.64%
2.Foreign shares in domestic
market
798408000 15.21% 798408000 15.21%
III. Total of capital shares 5250283986 100% 5250283986 100%
Reasons for share changed
□Applicable √Not applicable
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
□ Applicable √Not applicable
III. Shareholders and shareholding
In Shares
Total number of common
shareholders at the end of the
reporting period
98303
Total number of preferred
shareholders that had restored the voting right at the
end of the reporting period (if any) (note 8)
0
Particulars about shares held above 5% by shareholders or top ten shareholders
Shareholders
Nature of
shareholder
Proportion
of shares
held（%）
Number of
shares held at
period -end
Changes
in
reporting
period
Amount of
restricted
shares held
Amount of
un-restricted
shares held
Number of share
pledged/frozen
State of
share
Amount
Guangdong Energy
Group Co. Ltd.State-owned
legal person
67.39% 3538005285 1893342621 1644662664
China Securities
Finance Co. Ltd.
State-owned
legal person
2.84% 148862420
Shenzhen Guangfa
Electric Power
Investment Co. Ltd.State-owned
legal person
2.22% 116693602
Guangdong Electric
Power Development
Corporation
State-owned
legal person
1.80% 94367341
Li Zhuo
Domestic
Natural person
0.61% 31932923 390600
Zheng Jianxiang
Domestic
Natural person
0.43% 22625098 57400
Harbin Hali Industry
Co. Ltd.
Domestic
Non-State owned
legal person
0.41% 21758045 815400
National Social Security
Fund 103 portfolio
Domestic
Non-State owned
legal person
0.36% 18994982 -6000000
CHINA INT'L
CAPITAL CORP
HONG KONG
SECURITIES LTD
Overseas Legal
person
0.29% 15316066
Harbin Daoli District
Charity Foundation
Domestic
Non-State owned
legal person
0.26% 13730793 7900
Explanation on associated relationship
among the aforesaid shareholders
The fourth largest shareholder Guangdong Electric Power Development Corporation is
the wholly-owned subsidiaries of the largest shareholder Energy Group. These two
companies have relationships; whether the other shareholders have relationships or
unanimous acting was unknown
Shareholding of top 10 shareholders of unrestricted shares
Name of the shareholder
Quantity of unrestricted shares held at the end
of the reporting period
Share type
Share type Quantity
Guangdong Energy Group Co. Ltd. 1644662664 RMB Common shares
China Securities Finance Co. Ltd. 148862420 RMB Common shares
Shenzhen Guangfa Electric Power
Investment Co. Ltd.
116693602 RMB Common shares
Guangdong Electric Power Development
Corporation
94367341 RMB Common shares
Li Zhuo 31932923 RMB Common shares
Zheng Jianxiang 22625098
Foreign shares placed
in domestic exchange
Harbin Hali Industry Co. Ltd. 21758045 RMB Common shares
National Social Security Fund 103
portfolio
18994982 RMB Common shares
CHINA INT'L CAPITAL CORP HONG
KONG SECURITIES LTD
15316066
Foreign shares placed
in domestic exchange
Harbin Daoli District Charity
Foundation
13730793 RMB Common shares
Explanation on associated relationship
or consistent action among the top 10
shareholders of non-restricted negotiable
shares and that between the top 10
shareholders of non-restricted negotiable
shares and top 10 shareholders
The fourth largest shareholder Guangdong Electric Power Development Corporation is
the wholly-owned subsidiaries of the largest shareholder Energy Group. These two
companies have relationships; whether the other shareholders have relationships or
unanimous acting was unknown.
Explanation on shareholders
participating in the margin trading
business(if any )(See Notes 4)
The Fifth largest shareholder Li Zhuo holds425600 A shares of the Company through A
shares ordinary stock account and holds 31507323A shares of the Company through
stock account with credit transaction and guarantee hold31932923 shares of the
Company's stock totally.
The seventh largest shareholder Harbin Hali Industry Co. Ltd. holds815400 A shares of
the Company through A shares ordinary stock account and holds 20942645A shares of
the Company through stock account with credit transaction and guarantee
hold21758045 shares of the Company's stock totally.The Tenth largest shareholder Harbin Daoli District Charity Foundation holds80187 A
shares of the Company through A shares ordinary stock account and holds 13650606A
shares of the Company through stock account with credit transaction and guarantee hold
13730793 shares of the Company's stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
VIII. Information about Directors Supervisors and Senior Executives
I. Change in shares held by directors supervisors and senior executives
□Applicable √Not applicable
There was no change in shareholding of directors supervisors and senior management staffs for the specific
information please refer to the 2018 Annual Report.II. Changes in directors supervisors and senior management staffs
√ Applicable □ Not applicable
Name Title Type Date Reason
Yan Ming Director Elected February 212019
Elected as Director of the Ninth Board of directors
of the Company by the First Provisional General
shareholder’s Meeting of 2019
Zhou Xian Director Dismissal February 212019 Job changes
IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange and
not yet due or due but not folly cashed on the approval date of annual report
Yes
1.Basic information of corporate bonds
Bond name
Bond short
name
Bond code Issue day Due day
Bond balance
(Ten thousand )
Interest
rate
Servicing way
2012 Corporate
bonds of Guangdong
Electric Power
Development Co.
Ltd..
12 Yudean
Bond
112162.SZ
March
182013
March
172020
4030.65 4.95%
Using simple interest rate on a
yearly basis regardless of
compound interest. Due payments
once a year maturing debt at a
time. In the final phase interest is
paid together with the principal
redemption.
Corporate bonds listed or trading
places
Shenzhen Stock Exchange
Investor Proper Arrangement Not applicable
During the reporting period
interest payment situation of the
company bonds
On March 19 2019 the company paid the bond interest for the current year to all the current
bondholders who have registered in China Securities Depository and Clearing Co. Ltd.Shenzhen Branch by the closing of Shenzhen Stock Exchange on the afternoon of March 15
2019.
If the corporate bonds attached to
special clauses to the issuer or the
investors such as option clause
and exchangeable clause please
specify the implementation status
of the corresponding clauses.(When applicable)
The term of the current bonds is 7 years attaching the option that the issuer will redeem at the
end of the fifth year the option that the issuer raises the coupon rate and the option that the
investors will put back. The above terms and conditions have been implemented in 2018. For
details please refer to the company's "2018 Annual Report".
2. Bond trustee and the credit rating agency information
Bond trustee：
Name
CITIC
Securities Co.Ltd.Office
22/F CITIC Securities
Building No.48.
Liangmaqiao Road
Chaoyang District Beijing
Contact
Song Yilan
Yang Xin
Tel 010-60838888
The credit rating agencies which follow and rate the corporate bond during the reporting period
Name CCXR Office address
8/F Anji Building No.760 Tibet South Road
Huangpu District Shanghai.III. The usage of corporate bonds to raise money
The usage and performance of raised funds
from Corporate bonds
According to the relevant contents in the Prospectus of the Issuance of Bonds
announced on March 14 2013 the company planned to use RMB 820 million of the
raised funds to repay the loans thus to adjust the debt structure; the remaining RMB
380 million of the raised funds planned for supplementing the company’s liquidity so
as to improve the company’s funds status.
At the end of balance (Ten thousand) 0
Special fund raising account operation The net amount of the funds raised by the bonds had been remitted to the company’s
designated bank account on March 20 2013 of which the amount of RMB 820 million
of the raised funds had been used for repaying the loans so as to adjust the debt
structure; the remaining RMB 380 million of the raised funds used for supplementing
the company’s liquidity so as to improve the company’s funds status.Whether the usage of the raised money
corresponding to the purposes of promise
use plans and other agreement
Yes
IV.Corporate bond rating information
On May 14 2019 CCXR traced and analyzed the credit status of the company and the company’s bonds of
“12-Yudean Bonds” Finalized by the China Credit Rating Credit Rating Committee maintained the credit rating of AAA
for the main body of the company with a stable outlook; maintained the credit rating of AAA for the corporate
bonds.(The rating results were disclosed on the website: http://www.ccxr.com.cn/ with the title of Tracking and
Rating Report for the 2012-Corpoprate Bonds of Guangdong Electric Power Development Co. Ltd(2019).
V.Corporate bond credit mechanism the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of the company’s bonds. After the comprehensive assessment by
CCXR the credit rating of the main body of the company is AAA with a stable outlook and the credit rating of
the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18 2013 and the interest of
the bonds shall be paid once each year within the duration of the bonds after the commencement date of the
interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for
paying the recent full year’s bond interests (If it is not a working day the payment day will be postponed to the
first working day after the day).
During the reporting period some investors exercised the put-back option. The put-back quantity of “12 Yudean
Debt” was 11596935 sheets and the put-back amount was RMB 1217087933.25 (including interest). On
March 16 2018 the company paid the principal and interest of some of the bonds of this “12 Yudean Debt” back
to the designated bank account of China Securities Depository and Clearing Co. Ltd. Shenzhen Branch in full
amount and paid to the investor’s fund account on March 16 2018.The quantity of remaining bonds is 403065 sheets and the maturity date is March 18 2020. The principal and the
final interest will be paid at the expire date. and the corresponding principal and the last full year’s interest will be
repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the
bondholders the company had made a series of work plans for the full repayment of the bonds that can be
implemented on time including the designated department and personnel arrangement of repaying the bonds
establishment of the management measures doing good organization and coordination strengthening the
information disclosure and so on strived to form a set of safeguard measures for ensuing the repayment of the
bonds.VI. During the reporting period the bondholder meeting
During the reporting period the company did not hold bondholders meeting.
VII. During the reporting period the bond trustee perform his duties
The company’s bond trustee- CITIC Securities Co. Ltd safeguarded the legal rights of the bond holders with in
accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and
other publicly disclosed documents hence continuously followed up and acquainted the relevant information of
the company during the entrusting period issued and provided the regular report of the bond trustee with in
accordance with the company’s information being followed up and acquainted.
During the reporting period CITIC Securities Co. Ltd issued the Report of the 2012 Corporate Bonds Trustee for
Guangdong Electric Power Development Co. Ltd(year of 2018) on May 9 2019 and the report was disclosed on
the cninf website on May 10 2019 by the company.VIII.During the reporting period the company's major accounting data and financial indicators for last 2 years
Ten Thousands yuan
Items 2018 2017 At the same time rate of change
Current ratio 60.28% 62.89% -2.61%
Debt ratio 55.92% 57.02% -1.10%
Quick ratio 46.63% 47.35% -0.72%
Reporting period The same period of last year At the same time rate of change
EBITDA interest coverage ratio 2.41 2.56 -5.86%
Loans repayment rate 100 % 100 % 0 %
Interest payment rate 100 % 100 % 0 %
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the last
year
□ Applicable √Not applicable
IX. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.X. Information about the repayment of interest and principal for other bonds or debt financing instruments
1. the Company publicly issued 12 Yudean bonds to the public with a nominal amount of RMB 1200000000 and
a term of 5+2 years. It is a kind of real-name book-entry corporate bonds. The interest paid back during the
reporting period was RMB 1995172.
2.The Company issued 18 Yudean MTN001 on August 24 2018 with an issue amount of RMB 800000000 for a
period of 3 years. During the reporting period the Company repaid the principal and interest of RMB 0.
3.The Company issued 18 Yudean SCP002 on August 24 2018 with an issue amount of RMB 600000000 for a
period of 180 days. During the reporting period the Company repaid the principal and interest of
RMB610652055.
4.The Company issued 18 Yudean SCP004 on December 27 2018 with an issue amount of RMB 500000000 for
a period of 152 days. During the reporting period the Company repaid the principal and interest of
RMB506413151.
5.The Company issued 18 Yudean SCP001 on February 18 2019 with an issue amount of RMB 600000000 for
a period of 180 days. During the reporting period the Company repaid the principal and interest of RMB0.
6.The Company issued 18 Yudean SCP002 on May 24 2019 with an issue amount of RMB 600000000 for a
period of 180 days. During the reporting period the Company repaid the principal and interest of RMB0.XI.Information about the bank credit obtaining and use as well as repayment of the bank loans during the
reporting period
In ther report period the company signed an unconditional available bank amount limit of about RMB 47.299
billion of which the used amount limit was RMB 24.688 billion thus the remaining available bank amount limit
was about RMB 22.611 billion. In this year the company repaid bank loans of about RMB7.932 billion and the
balance of bank loans was RMB 26.804 billion.XII. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuance
of the bonds during the reporting period
The company had committed to pay the principal and interests to the bondholders according to the stipulations of
the prospectus of “Yudean Bonds” issuance. During the reporting period the company strictly fulfilled the above
commitments. On March 18 2019 and paid the bond interest to all the current bondholders who have registered
in China Securities Depository and Clearing Co. Ltd. Shenzhen Branch by the closing of Shenzhen Stock
Exchange on the afternoon of March 15 2019.
XIII. Major events occurred during the reporting period
Nil
XIV. Whether the corporate bonds have a guarantor
□ Yes √No
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co. Ltd.In RMB
Items June 302019 December 312018
Current asset：
Monetary fund 5199734595 5574382892
Settlement provision
Outgoing call loan
Transactional financial assets 37203
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Notes receivable
Account receivable 3264118313 3358331949
Financing of receivables
Prepayments 844155255 906261046
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 298620587 222976826
Including：Interest receivable 23038895 18856569
Dividend receivable
Repurchasing of financial assets
Inventories 1812173995 1481817270
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 309914282 617853476
Total of current assets 11728754230 12161623459
Non-current assets：
Loans and payment on other’s behalf
disbursed
Debt investment
Available for sale of financial assets 1565806331
Other investment on bonds
Expired investment in possess
Long-term receivable 90938922 89762071
Long term share equity investment 6495819304 6395134754
Other equity instruments investment 1720652013
Other non-current financial assets
Property investment 10097905 10810722
Fixed assets 40097107758 41157594848
Construction in progress 8373522376 7740754343
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 1845115425 1863588771
Development expenses
Goodwill 2449886 2449886
Long-germ expenses to be amortized 20482276 22089179
Deferred income tax asset 456618087 448431684
Other non-current asset 2046484303 1871616258
Total of non-current assets 61159288255 61168038847
Total of assets 72888042485 73329662306
Current liabilities
Short-term loans 6916200000 7526000000
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Notes payable 1247696862 941161107
Account payable 2251908661 2196600415
Advance receipts 292713 343894
Selling of repurchased financial assets
Deposit taking and interbank
deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 251270338 235741179
Tax payable 489590123 397001706
Other account payable 3842521518 4152518495
Including：Interest payable 147098684 59316077
Dividend payable 9796594 9703930
Fees and commissions payable
Reinsurance fee payable
Contract Liabilities
Liabilities held for sales
Non-current liability due within 1
year
3249068381 2779347654
Other current liability 1207789479 1107904110
Total of current liability 19456338075 19336618560
Non-current liabilities：
Reserve fund for insurance
contracts
Long-term loan 17660996020 18802292664
Bond payable 798457333 838326742
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 2267578098 2311513249
Long-term remuneration payable to
staff
107427012 122913388
Expected liabilities
Deferred income 132740704 133043646
Deferred income tax liability 167777137 100726841
Other non-current liabilities 166405569 166405569
Total non-current liabilities 21301381873 22475222099
Total of liability 40757719948 41811840659
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5102846886 5102846886
Less：Shares in stock
Other comprehensive income 607522715 550010133
Special reserve
Surplus reserves 8245767593 7834155143
Common risk provision
Retained profit 5344946034 5490006140
Total of owner’s equity belong to the
parent company
24551367214 24227302288
Minority shareholders’ equity 7578955323 7290519359
Total of owners’ equity 32130322537 31517821647
Total of liabilities and owners’ equity 72888042485 73329662306
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
2. Balance sheet of Parent Company
In RMB
Items June 302019 December 31 2018
Current asset：
Monetary fund 438191159 385577463
Transactional financial assets 37203
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Notes receivable
Account receivable 225163808 264537475
Financing of receivables
Prepayments 47036819 44826500
Other account receivable 94567387 375296228
Including：Interest receivable 700566 1121522
Dividend receivable 447956
Inventories 159909737 187058140
Contract assets
Assets held for sales
Non-current asset due within 1
year
Other current asset 199679 199679
Total of current assets 965105792 1257495485
Non-current assets：
Debt investment
Available for sale of financial assets 1565806331
Other investment on bonds
Expired investment in possess
Long-term receivable 306460000 306460000
Long term share equity investment 25698970548 24699820321
Other equity instruments investment 1720652013
Other non-current financial assets
Property investment 7343242 7661041
Fixed assets 842115992 978022437
Construction in progress 12665153 9394075
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 84959102 86681362
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset
Other non-current asset 356004000 356004000
Total of non-current assets 29029170050 28009849567
Total of assets 29994275842 29267345052
Current liabilities
Short-term loans 1500000000 1500000000
Transactional financial liabilities
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Notes payable
Account payable 155190455 223827319
Advance receipts
Contract Liabilities
Employees’ wage payable 46544032 53346100
Tax payable 46340743 48590195
Other account payable 114622158 98528954
Including：Interest payable 31200062 15787356
Dividend payable 9796594 9703930
Liabilities held for sales
Non-current liability due within 1
year
40284563
Other current liability 1207789479 1107904110
Total of current liability 3110771430 3032196678
Non-current liabilities：
Long-term loan 1500000000 1500000000
Bond payable 798457333 838326742
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 3025750 4340898
Long-term remuneration payable to
staff
30668978 32170769
Expected liabilities
Deferred income 48362943 48362943
Deferred income tax liability 166511917 99461621
Other non-current liabilities
Total non-current liabilities 2547026921 2522662973
Total of liability 5657798351 5554859651
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5605794601 5605794601
Less：Shares in stock
Other comprehensive income 607522715 550010133
Special reserve
Surplus reserves 8245767593 7834155143
Retained profit 4627108596 4472241538
Total of owners’ equity 24336477491 23712485401
Total of liabilities and owners’ equity 29994275842 29267345052
3.Consolidated Income Statement
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Income from the key business 12874181250 13894985179
Incl：Business income 12874181250 13894985179
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 12036981919 13213530804
Incl：Business cost 11024143476 12200856427
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 93365358 99532565
Sales expense 12844788 10316130
Administrative expense 270884804 270794513
R & D expense 347523 912371
Financial expenses 635395970 631118798
Including：Interest expense 664009453 657904963
Interest income 31661505 29906705
Add：Other income 39472856 17030759
Investment gain（“-”for loss） 304451356 291018592
Including: investment gains from
affiliates
273618214 272404985
Financial assets measured at amortized
cost cease to be recognized as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value 30626
Credit impairment loss -523441
Impairment loss of assets
Assets disposal income 388507
III. Operational profit（“-”for loss） 1180630728 989892233
Add ：Non-operational income 5293187 52608901
Less: Non-operating expense 20234696 1814323
IV. Total profit(“-”for loss) 1165689219 1040686811
Less：Income tax expenses 309835930 307767578
V. Net profit 855853289 732919233
(I) Classification by business
continuity
1.Net continuing operating profit 855853289 732919233
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of
parent company
581569383 448833518
2.Minority shareholders’ equity 274283906 284085715
VI. Net after-tax of other comprehensive
income
57512582 -46851817
Net of profit of other comprehensive inco
me attributable to owners of the parent co
mpany.
57512582 -46851817
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
57512582
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
3. Changes in the fair value of 57512582
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other（II）
Other comprehensive income that will be
reclassified into profit or loss.
-46851817
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.Gains and losses from changes in fair v
alue available for sale financial assets
-46851817
4. Other comprehensive income arising
from the reclassification of financial
assets
5.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
6. Allowance for credit impairments in
investments in other debt obligations
7. Reserve for cash flow hedges
8.Translation differences in currency fina
ncial statements
9.Other
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 913365871 686067416
Total comprehensive income attributable
to the owner of the parent company
639081965 401981701
Total comprehensive income
attributable minority shareholders
274283906 284085715
VIII. Earnings per share
（I）Basic earnings per share 0.1108 0.0855
(II)Diluted earnings per share 0.1108 0.0855
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
Items Semi-annual of 2019 Semi-annual of 2018
I. Income from the key business 984909082 1148346022
Incl：Business cost 978133881 1083181215
Business tax and surcharge 5890693 4615124
Sales expense 675889 917618
Administrative expense 36863889 37549008
R & D expense 269693 912371
Financial expenses 100956761 100072564
Including：Interest expenses 101909495 100909911
Interest income 2477731 2753042
Add：Other income 10000 284896
Investment gain（“-”for loss） 1065475482 1075719889
Including: investment gains from
affiliates
270083891 270075688.23
Financial assets measured at
amortized cost cease to be recognized
as income
Net exposure hedging income
Changing income of fair value 30626
Credit impairment loss -303753
Impairment loss of assets
Assets disposal income 3218915 -32933
II. Operational profit（“-”for loss） 930549546 997069974
Add ：Non-operational income 7842 127262
Less：Non -operational expenses 1181405 676668
III. Total profit(“-”for loss) 929375983 996520568
Less：Income tax expenses 47879436
IV. Net profit 881496547 996520568
1.Net continuing operating profit 881496547 996520568
2.Termination of operating net profit
V. Net after-tax of other comprehensive
income
57512582 -46851818
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent
accounting period
57512582
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
3. Changes in the fair value of
investments in other equity instruments
57512582
4. Changes in the fair value of the
company’s credit risks
5.Other（II）
Other comprehensive income that will b
e reclassified into profit or loss.
-46851818
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.
Gains and losses from changes in fair v
alue available for sale financial assets
-46851818
4. Other comprehensive income
arising from the reclassification of
financial assets
5.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
6. Allowance for credit impairments
in investments in other debt obligations
7. Reserve for cash flow hedges
8.
Translation differences in currency fina
ncial statements
9.Other
VI. Total comprehensive income 939009129 949668750
VII. Earnings per share
（I）Basic earnings per share 0.1680 0.1898
(II)Diluted earnings per share 0.1680 0.1898
5. Consolidated Cash flow statement
In RMB
Items Semi-annual of 2019 Semi-annual of 2018
I.Cash flows from operating activities
Cash received from sales of goods or
rending of services
14705585514 16141817697
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Cash received from interest
commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in
securities trading
Tax returned 40296334 21858952
Other cash received from business
operation
162228929 214249915
Sub-total of cash inflow 14908110777 16377926564
Cash paid for purchasing of
merchandise and services
9504880179 10919230182
Net increase of client trade and advance
Net increase of savings in central bank
and brother company
Cash paid for original contract claim
Net increase in financial assets held
for trading purposes
Net increase for Outgoing call loan
Cash paid for interest processing fee
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 779694520 729285216
Taxes paid 468777176 691950014
Other cash paid for business activities 351317101 241928444
Sub-total of cash outflow from business
activities
11104668976 12582393856
Net cash generated from /used in
operating activities
3803441801 3795532708
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 197809412 165708684
Net cash retrieved from disposal of
fixed assets intangible assets and other
long-term assets
2295896
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
investment activities
197809412 168004580
Cash paid for construction of fixed
assets intangible assets and other
long-term assets
1735190767 1769542620
Cash paid as investment 78938898 98000000
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
investment activities
1814129665 1867542620
Net cash flow generated by investment -1616320253 -1699538040
III.Cash flow generated by financing
Cash received as investment 297000000 4000000
Including: Cash received as investment
from minor shareholders
297000000 4000000
Cash received as loans 6396276411 7575961501
Cash received from bond placing
Other financing –related cash received
Sub-total of cash inflow from financing
activities
6693276411 7579961501
Cash to repay debts 7933799586 7102027135
Cash paid as dividend profit or
interests
1320358435 1505845837
Including: Dividend and profit paid by
subsidiaries to minor shareholders
282847942 327712545
Other cash paid for financing activities 136080000
Sub-total of cash outflow due to
financing activities
9254158021 8743952972
Net cash flow generated by financing -2560881610 -1163991471
IV. Influence of exchange rate
alternation on cash and cash equivalents
45 93
V.Net increase of cash and cash
equivalents
-373760017 932003290
Add: balance of cash and cash
equivalents at the beginning of term
5570382892 4996580490
VI ..Balance of cash and cash
equivalents at the end of term
5196622875 5928583780
6. Cash flow statement of the Parent Company
In RMB
Items Semi-annual of 2019 Semi-annual of 2018
I.Cash flows from operating activities
Cash received from sales of goods or
rending of services
1136209449 1280393400
Tax returned
Other cash received from business
operation
26129308 30151895
Sub-total of cash inflow 1162338757 1310545295
Cash paid for purchasing of
merchandise and services
881437635 1071447386
Cash paid to staffs or paid for staffs 139542668 142438363
Taxes paid 40999760 30081576
Other cash paid for business activities 26198514 34140083
Sub-total of cash outflow from business
activities
1088178577 1278107408
Net cash generated from /used in
operating activities
74160180 32437887
II. Cash flow generated by investing
Cash received from investment
retrieving
300209927 187920000
Cash received as investment gains 969950713 959750429
Net cash retrieved from disposal of
fixed assets intangible assets and other
long-term assets
3808750 19137
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
investment activities
1273969390 1147689566
Cash paid for construction of fixed
assets intangible assets and other
long-term assets
11242719 57108206
Cash paid as investment 980554158 546000000
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
investment activities
991796877 603108206
Net cash flow generated by investment 282172513 544581360
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 1499400000 3030805608
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from
financing activities
1499400000 3030805608
Cash to repay debts 1401515857 3059693500
Cash paid as dividend profit or
interests
401603186 567661585
Other cash paid for financing activities
Sub-total of cash outflow due to
financing activities
1803119043 3627355085
Net cash flow generated by financing -303719043 -596549477
IV. Influence of exchange rate
alternation on cash and cash equivalents
45 93
V.Net increase of cash and cash
equivalents
52613695 -19530137
Add: balance of cash and cash
equivalents at the beginning of term
385577463 429724538
VI ..Balance of cash and cash
equivalents at the end of term
438191158 410194401
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Items
Semi-annual of 2019
Owner’s equity Attributable to the Parent Company
Minor
shareholders’
equity
Total of owners’
equity share Capita
Other Equity
instrument
Capital
reserves
Less:
Share
s in
stock
Other
Comprehens
ive Income
Spec
ializ
ed
reser
ve
Surplus
reserves
Com
mon
risk
provi
sion
Retained profit Other Subtotal prefe
rred
stock
Sust
aina
ble
debt
Oth
er
I.Balance at the end
of last year
5250283986 5102846886 550010133 7834155143 5490006140 24227302288 7290519359 31517821647
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of entities
under common
control
Other
II.Balance at the
beginning of current
year
5250283986 5102846886 550010133 7834155143 5490006140 24227302288 7290519359 31517821647
III.Changed in the
current year
57512582 411612450 -145060106 324064926 288435964 612500890
（1）Total
comprehensive
income
57512582 581569383 639081965 274283906 913365871（II）Investment or
decreasing of capital
by owners
297000000 297000000
1．Ordinary Shares i 297000000 297000000
nvested by sharehold
ers
2．Holders of other
equity instruments in
vested capital
3．Amount of shares
paid and accounted
as owners’ equity
4．Other（III）Profit
allotment
411612450 -726629489 -315017039 -282847942 -597864981
1.Providing of
surplus reserves
411612450 -411612450
2.Providing of
common risk
provisions
3．Allotment to the
owners (or
shareholders)
-315017039 -315017039 -282847942 -597864981
4．Other
(IV) Internal
transferring of
owners’ equity
1. Capitalizing of
capital reserves (or
to capital shares)
2. Capitalizing of
surplus reserves (or
to capital shares)
3．Making up losses
by surplus reserves.
4.Change amount of
defined benefit plans
that carry forward
Retained earnings
5．Other
comprehensive
income carry-over
retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the
end of this term
5250283986 5102846886 607522715 8245767593 5344946034 24551367214 7578955323 32130322537
Amount in last year
In RMB
Items
Semi-annual of 2018
Owner’s equity Attributable to the Parent Company
Minor
shareholders’
equity
Total of
owners’ equity share Capita
Other Equity
instrument
Capital
reserves
Less:
Share
s in
stock
Other
Comprehens
ive Income
Speci
alized
reser
ve
Surplus
reserves
Comm
on risk
provisi
on
Retained
profit
Other Subtotal prefe
rred
stock
Sust
aina
ble
debt
Othe
r
I.Balance at the end of
last year
5250283986 5004250685 137001523 7590363724 5713290735 23695190653 6007669360 29702860013
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities
under common control
Other
II.Balance at the
beginning of current
year
5250283986 5004250685 137001523 7590363724 5713290735 23695190653 6007669360 29702860013
III.Changed in the
current year
-46851817 243791419 -215017477 -18077875 -175706830 -193784705
（1）Total
comprehensive income
-46851817 448833518 401981701 284085715 686067416
（II）Investment or
decreasing of capital by
owners
-36857 -36857 -132080000 -132116857
1．Ordinary Shares inv
ested by shareholders
4000000 4000000
2．Holders of other eq
uity instruments investe
d capital
3．Amount of shares
paid and accounted as
owners’ equity
4．Other -36857 -36857 -136080000 -136116857（III）Profit allotment 243791419 -663814138 -420022719 -327712545 -747735264
1.Providing of surplus
reserves
243791419 -243791419
2.Providing of
common risk
provisions
3．Allotment to the
owners (or
shareholders)
-420022719 -420022719 -327712545 -747735264
4．Other
(IV) Internal
transferring of owners’
equity
1. Capitalizing of
capital reserves (or to
capital shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
surplus reserves.
4.Change amount of
defined benefit plans
that carry forward
Retained earnings
5．Other
comprehensive income
carry-over retained
earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end
of this term
5250283986 5004250685 90149706 7834155143 5498273258 23677112778 5831962530 29509075308
8. Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Items
Semi-annual of 2019
Share capital
Other Equity instrument
Capital reserves
Less:
Shares
in stock
Other
Comprehensiv
e Income
Speci
alized
reser
ve
Surplus
reserves
Retained profit
Oth
er
Total of owners’
equity preferre
d stock
Sustain
able
debt
Other
I.Balance at the end of last year 5250283986 5605794601 550010133 7834155143 4472241538 23712485401
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 5250283986 5605794601 550010133 7834155143 4472241538 23712485401
III.Changed in the current year 57512582 411612450 154867058 623992090
（I）Total comprehensive income 57512582 881496547 939009129
(II) Investment or decreasing of capital by
owners
1．Ordinary Shares invested by shareholders
2 ． Holders of other equity instruments investe
d capital
3.Amount of shares paid and accounted as
owners’ equity
4．Other（III）Profit allotment 411612450 -726629489 -315017039
1.Providing of surplus reserves 411612450 -411612450
2．Allotment to the owners (or shareholders) -315017039 -315017039
3．Other
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end of this term 5250283986 5605794601 607522715 8245767593 4627108596 24336477491
Amount in last year
In RMB
Items
Semi-annual of 2018
Share Capital
Other Equity instrument
Capital
reserves
Less:
Shares
in stock
Other
Comprehensi
ve Income
Special
ized
reserve
Surplus
reserves
Retained
profit
Other
Total of
owners’ equity
preferr
ed
stock
Sustaina
ble debt
Other
I.Balance at the end of last year 5250283986 5605794601 137001523 7590363724 3960056960 22543500794
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 5250283986 5605794601 137001523 7590363724 3960056960 22543500794
III.Changed in the current year -46851817 243791419 332669573 529609175
（I）Total comprehensive income -46851817 996520568 949668751
(II) Investment or decreasing of capital by
owners
-36857 -36857
1．Ordinary Shares invested by shareholders
2 ． Holders of other equity instruments investe
d capital
3.Amount of shares paid and accounted as
owners’ equity
4．Other -36857 -36857（III）Profit allotment 243791419 -663814138 -420022719
1.Providing of surplus reserves 243791419 -243791419
2．Allotment to the owners (or shareholders) -420022719 -420022719
3．Other
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end of this term 5250283986 5605794601 90149706 7834155143 4292726533 23073109969
III．Basic Information of the Company
Guangdong Electric Power Development Co. Ltd. (the “Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company China Construction Bank Guangdong Province
Trust Investment Company Guangdong Power Development Co. Ltd Guangdong International Trust China
Guangfa Bank(now named as Guangdong Province Guangkong Group Co. Ltd.). The address of the Company’s
registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road
Guangzhou City Guangdong Province the People’s Republic of China. The Company’s parent company is
Guangdong Energy Group Co. Ltd. (“Energy Group ”) The actual controller of the company is the State-owned
Assets Supervision and Administration Commission of the People’s Government of Guangdong Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30
June 2019 the total share capital of the Company is RMB 5250283986 with par value of RMB 1 each.The financial statement has been approved for issue by the Company’s Board of Directors on 29 August 2019.The Company and its subsidiaries (hereinafter collectively referred to as the “Group”) are principally engaged in the
development and operation of power plants in Guangdong Province.
For the Consolidation scope changed of the Group please refer to VIII.
For the information of subsidiaries of the Company please refer to Note IX.
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -
Basic Standard and the specific accounting standards and other relevant regulations issued by the Ministry of
Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”) and “Information Disclosure Rule No. 15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory
Commission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of si
gnificant concern events or circumstances.V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
The Group continually evaluates the critical accounting estimates and key judgements applied based on historical
experience and other factors including expectations of future events that are believed to be reasonable under the
circumstances. The critical accounting estimates and key assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined
below:
(a) Estimates on impairment of other long-term assets
Fixed assets construction in progress intangible assets with finite useful lives investment properties that are
measured at cost and long-term equity investments in subsidiaries joint ventures and associates are tested for
impairment if there’s indications that the assets may be impaired the balance sheet date.When assessing whether there’s indication that the above assets are impaired management mainly evaluate and
analyse: (1) whether events affecting asset impairment occurred; (2) whether the present value of expected cash
flows arising from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the
assumptions used in estimating the present value of future cash flows is appropriate.Relevant assumptions adopted by the Group to determine impairment e.g. changes in assumptions on discount
rate and growth rate used to calculate the present value of future cash flows may have material impact on the
present value used in the impairment test and cause impairment in the above-mentioned long-term assets of the
Group.(b) Enterprise income tax
The Group pays corporate income tax in many areas. In normal business activities there are uncertainties in
the final tax treatment of partial transactions and matters. When counting and drawing the income tax costs in
various areas the Group needs to make a major judgement. If there is any difference between the final
determination of these tax matters and the amount originally recorded the difference will have an impact on the
amount of the income tax expenses and the deferred income tax during the period of final determination above.(c) Deferred tax assets
Whether to confirm the assets of the deferred income tax assets arising from deductible losses and deductible
temporary differences largely depends on the management’s judgement that whether to acquire sufficient amount
of income of future taxable which can be used to deduct deductible losses and deductible temporary differences in
the future period while the calculation of this amount of income of future taxable needs applying plenty of
judgement and estimation and it needs combined consideration for the tax planning strategy and the influence
from the overall economic environment in the meanwhile. Different judgement and estimation will have an impact
on the confirmation and the amount of the deferred income tax assets.When assessing whether there will be sufficient future taxable profits available against which the deductible
temporary differences can be utilised the Group recognises deferred tax assets to the extent that it is probable that
future taxable profits will be available against which the deductible temporary differences can be utilised using
tax rates that would apply in the period when the asset would be utilised. In determining the amount of deferred
tax assets the Group exercises judgements about the estimated timing and amount of taxable profits of the
following periods and of the tax rates applicable in the future according to the existing tax policies and other
relevant regulations. Differences between such estimates and the actual timing and amount of future taxable
profits will affect the amount of deferred tax assets.1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30 2019 as well as the business performance
and cash flow situation in the first half of 2019 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan. 1 to Gregorian calendar December. 31.
The accounting of the financial statements during the period starts from January 1 2019 to 6 months ended June 3
02019.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generation
of electricity to the realisation of cash or cash equivalents. The business cycles for principal activities are usually
less than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assets
obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained
and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)
in the capital reserve. If the balance of share premium (capital premium) is insufficient any excess is adjusted to
retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current
period when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair
value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date the
difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at
the acquisition date the difference is recognized in profit or loss for the current period. The direct
acquisition-related costs arising from the business combination are recognized as expenses in the periods in which
the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for
the acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises
under common control it is included in the consolidated financial statements from the date when it together with
the Company comes under common control of the ultimate controlling party. The portion of the net profits
realised before the combination date is presented separately in the consolidated income statement.In the preparation of consolidated financial statements if the accounting policies or accounting period among the
Company and subsidiaries are inconsistent the financial statements of subsidiaries have been adjusted to conform
to the Company’s policies and accounting period. For business combination not obtained under common control
the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition
date.
All significant intra-group balances transactions and unrealised profits are eliminated in the consolidated financial
statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and
comprehensive incomes for the period not attributable to the Company are recognised as minority interests net
profit attributed to minority interests and total comprehensive incomes attributed to minority interests and
presented separately in the consolidated financial statements under owners’ equity net profits and total
comprehensive income respectively. When the Company sells assets to subsidiaries the unrealised gains and
losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell
assets to the Company the unrealised gains and losses should be assigned and offset between the net profit
attributed to shareholders of the parent company and minority interests according to the Company’s distribution
ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset
between the net profit attributed to shareholders of the parent company and minority interests according to the
parent company’s distribution ratio of the subsidiary.In preparing the consolidated financial statements where the accounting policies and the accounting periods of the
Company and subsidiaries are inconsistent the financial statements of the subsidiaries are adjusted in accordance
with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business
combinations involving enterprises not under common control the individual financial statements of the
subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7. The joint-venture arrangement classification and pooling of interests accounting processing methods
The joint-venture arrangement comprises the pooling of interests and joint-venture enterprise. The pooling of
interests is the joint-venture arrangement where the participant possesses the relevant assets arranged and will
undertake relevant debts. The joint venture enterprise is the arrangement where the participant only reserves rights
on the net assets. The Group based on the rights and obligations in the normal operation of the joint-venture
arrangement determines the classes of the joint-venture arrangement. And it also takes account of the structure
and legal form of the joint-venture arrangement the agreed terms and conditions other relevant facts and
conditions etc. among the joint-venture arrangement upon evaluation of rights and obligations.The Group determines the following projects sharing interests in the pooling of interests and conducts the
accounting processing based on relevant accounting standards for business enterprises:
(I) determining assets possessed solely and the jointly-possessed assets based on its share;
(II) determining debts undertaken solely and the shared debts based on its share;
(III) determining the revenues produced by the pooling of interests owned by the on-sale group;
(IV) determining the revenues produced by the pooling of interests through sale based on the group share;
(V) determining the fees occurred solely and those of the pooling of interests based on the its share.If the Group invests or sells the assets etc. to the pooling of interests (except for the business constituted by the
assets) it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets etc. to any third party. If the invested or sold
assets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment
the group will ascertain such losses wholly.If the Group purchases the assets etc. from the pooling of interests (except for the business constituted by the
assets) it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets etc. to any third party. If the purchased assets
have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment the
group will ascertain such losses wholly based on its share.
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand demand deposits and short-term highly liquid investments
which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in
value.
9.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the
dates of the transactions. At the balance sheet date monetary items denominated in foreign currencies are
translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from
these translations are recognised in profit or loss for the current period except for those attributable to foreign
currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets
which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies
that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the
date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow
statement.
10. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity
instruments of other parties. When the Group becomes a party to a financial instrument contract the relevant
financial assets or financial liabilities are recognized.(a) Financial assets
(i) Classification and measurement
According to the business model for managing financial assets and the contractual cash flow characteristics of
financial assets the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)
Financial assets measured at fair value whose changes are included in other comprehensive income; (3) Financial
assets measured at fair value and whose changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair
value whose changes are included in current profits and losses relevant transaction costs are directly included in
current profits and losses; For other types of financial assets relevant transaction costs are included in the initial
recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of
labor services that do not include or take into account significant financing components are initially recognized by
the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.
Debt instrument
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the
perspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow and the
contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements
that is the cash flow generated on a specific date is only the payment of principal and interest based on the
amount of outstanding principal. The Group recognizes interest income for such financial assets according to the
effective interest rate method. Such financial assets mainly include monetary funds accounts receivable other
receivables and long-term receivables. The Group lists long-term receivables due within one year (including one
year) from the balance sheet date as non-current assets due within one year.
Equity instruments
The Group will measure the equity instrument investments that it has no control joint control and significant
influence on at fair value and their changes are included in the current profits and losses and listed as trading
financial assets.In addition the Group designated some non-trading equity instrument investments as financial assets measured at
fair value with changes included in other comprehensive income and listed them as other equity instrument
investments. Dividend income related to such financial assets is included in current profits and losses.(ii) Impairment
For financial assets measured in amortized cost the Group recognizes loss reserves on the basis of expected credit
losses.The Group takes into account reasonable and reliable information on historical events current situation and future
economic situation forecasts and uses the risk of default as the weight to calculate the probability weighted
amount of the present value of the difference between the cash flow receivable from the contract and the cash flow
expected to be received to confirm the expected credit loss.On each balance sheet date the Group separately measures the expected credit losses of financial instruments at
different stages. If the credit risk of financial instruments has not increased significantly since the initial
confirmation it is in the first stage. The Group measures the loss reserve according to the expected credit loss in
the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial
recognition but no credit impairment has occurred it is in the second stage. The Group measures the loss reserve
according to the expected credit loss of the instrument throughout the duration; If a financial instrument has
suffered credit impairment since its initial recognition it is in the third stage. The Group measures the loss reserve
according to the expected credit loss of the instrument throughout the duration.For financial instruments with low credit risk on the balance sheet date the Group assumes that their credit risk
has not increased significantly since the initial confirmation and measures the loss reserve according to the
expected credit loss in the next 12 months.
For financial instruments in the first and second stages and with low credit risk the Group calculates interest
income based on the book balance before deducting impairment provisions and the actual interest rate. For
financial instruments in the third stage the interest income shall be calculated according to their book balance
minus the amortized cost after impairment provision and the actual interest rate.
For accounts receivable regardless of whether there is any significant financing component the Group measures
the loss reserve according to the expected credit loss throughout the duration.When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost the Group
divides the receivables into several combinations according to the credit risk characteristics calculates the
expected credit loss on the basis of the combinations and determines the combination on the following basis:
Low-risk portfolio: Accounts receivable from electricity sales government and related parties supplementary
medical insurance funds etc.Other portfolios: This portfolio is receivables other than low-risk portfolios.
For accounts receivable divided into combinations the Group refers to the historical credit loss experience
combines the current situation with the forecast of future economic situation compiles a comparison table of
overdue days of accounts receivable and the expected credit loss rate for the whole duration and calculates the
expected credit loss.
For other receivables divided into portfolios the Group refers to the historical credit loss experience combines the
current situation with the forecast of future economic situation and calculates the expected credit loss through
default risk exposure and the expected credit loss rate within the next 12 months or the whole duration.The Group includes the accrued or reversed loss reserves into the current profits and losses.（iii） Derecognition of financial assets
A financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire
(ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards of
ownership of the financial asset to the transferee or (iii) the financial asset has been transferred and the Group has
not retained control of the financial asset although the Group neither transfers nor retains substantially all the
risks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized the difference between the book value and the
consideration received and the accumulated amount of the changes in fair value originally included in other
comprehensive income shall be included in the retained income; On derecognition of a financial asset the
difference between the carrying amount and the sum of the consideration received and the cumulative changes in
fair value that had been recognised directly in owners’ equity is recognised in profit or loss.(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair
value through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities including payables borrowings and
debentures payable. This kind of financial liabilities are initially measured according to their fair value after
deducting transaction costs and are subsequently measured using the effective interest rate method. If the term is
less than one year (including one year) it shall be listed as current liabilities; If the term is more than one year but
expires within one year (including one year) from the balance sheet date it shall be listed as non-current liabilities
due within one year; The rest is listed as non-current liabilities.When the current obligation of the financial liability has been discharged in whole or in part the Group terminates
the recognition of the part of the financial liability or obligation that has been discharged. The difference between
the book value of the termination recognition and the consideration paid shall be included in the profit and loss of
the current period.(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the
active market. The fair value of a financial instrument that is not traded in an active market is determined by using
a valuation technique. Valuation techniques include using prices of recent market transactions between
knowledgeable and willing parties reference to the current fair value of another financial asset that is substantially
the same with this instrument and discounted cash flow analysis etc. When a valuation technique is used to
establish the fair value of a financial instrument it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to
obtained unobservable inputs shall be used
11.Notes receivable
12. Account receivable
13. Financing of receivables
14.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
15. Inventories
Whether the company needs to comply with the disclosure requirements of the particular industry
No
(a) Classification
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full
when received for use.(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in
the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system..16. Contract assets
17.Contract cost
18. Held-for-sale assets
The non-liquid assets or the treatment group complied with the following conditions will be classified into the
possessed assets for sale: (I) the non-liquid assets or the treatment group is ready for sale subject to the common
terms and conditions for such assets or the treatment group under the current conditions; (II) the group has already
made a resolution on treatment of such non-liquid assets or the treatment group and obtained proper approval; (III)
the Group has already concluded an irrevocable transfer agreement with the assignee; (IV) such transfer will be
completed within one year.The non-liquid assets complied with the conditions for the possessed assets for sale (excluding the financial assets
the investment real estate calculated based on its fair value and the deferred income tax assets) will be the lower
amount between the book value and the fair value minus the treatment cost. If the fair value minus the treatment
cost is lower than the original book value then it will be deemed as the asset deprecation loss.The non-liquid assets classified into the processed assets ready for sale and the assets and debts in the treatment
group comprise the liquid assets and liquid debts to be listed separately in the balance sheet.Termination is a separately distinguishable component meeting one of the following conditions and the
component has been disposed of or classified as held for sale: (a) The component represents an independent major
business or a separate major business area; (b) This component is part of an associated plan to dispose of an
independent major business or a separate major business area; (c) This component is a subsidiary acquired
specifically for resale.Net profit from discontinued operations listed in the income statement includes its operating profit and loss and
disposal profit and loss.
19. Creditor's rights investment
20.Other Creditor's rights investment
21.Long-term account receivable
22. Long-term equity investment
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the
Group’s long-term equity investments in its associates.Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees
over which the Group has significant influence but not control on their financial and operating policies.Investments in subsidiaries are presented in the Company’s financial statements using the cost method and are
adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are
accounted for using the equity method.(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity investments
acquired through a business combination involving enterprises under common control the investment cost shall
be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
combination date; for long-term equity investment acquired through a business combination involving enterprises
not under common control the investment cost shall be the combination cost. For long-term equity investments
acquired not through a business combination: if the long-term equity investments are acquired in cash the initial
investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by
issuing equity securities the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method they are measured at the initial investment
costs and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method where the initial investment cost exceeds
the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the investment
is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the
investee’s identifiable net assets at the time of acquisition the difference is included in profit or loss for the
current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method the Group recognises the investment
income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that in substance form part of the investor’s net investment in the investee are reduced to zero.However if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied the Group continues recognising the
investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment
for other changes in shareholders’ equity of the investee (other than net profits or losses) and include the
corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses
arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the
Group’s equity interest in the investees and then based on which the investment gains or losses are recognised.
For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment
any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related business
activities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities and exists only
when the strategic financial and operating decisions relating to the activities require the unanimous consent of the
Group and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee but
is not control or joint control over those policies.(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries joint venture and associates is reduced to
the recoverable amount when the recoverable amount is less than the carrying amount
23. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties including land use rights that have already been leased out and buildings that are held for
the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment
properties are included in the cost of the investment property when it is probable that the associated economic
benefits will flow to the Group and their costs can be reliably measured; otherwise the expenditures are
recognised in profit or loss in the period in which they are incurred.The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use
rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The
estimated useful lives the estimated net residual values that are expressed as a percentage of cost and the annual
depreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates Building
30 years 5% 3.17% When an investment property is transferred to owner-occupied properties it is
reclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured on
the basis of fair value of the investment property.The investment property’s estimated useful life net residual value and depreciation (amortisation) method applied
are reviewed and adjusted as appropriate at each year-end.
An investment property is derecognised on disposal or when the investment property is permanently withdrawn
from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale
transfer retirement or damage of an investment property after its carrying amount and related taxes and expenses
is recognised in profit or loss for the current period.
24. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building power generator equipment motor vehicles and other equipment. Fixed
asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be
reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the
acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation
were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable
that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably
measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent
expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
Category
The method for
depreciation
Expected useful life（Year）
Estimated residual value Depreciation
House and building Straight-line method 6 - 50 years 5% 1.90% - 15.83%
Generation equipment Straight-line method 3 - 31 years 0% - 5% 3.06% - 33.33%
Transportation
equipment
Straight-line method
5 - 15 years 0% - 5% 6.33% - 20 %
Other equipment Straight-line method 3 - 22 years 0% - 5% 4.32% - 33.33%
According to the current unit shutdown plan of Shajiao A Power Plant the Company expects that the service life
of some of its fixed assets will be greatly shortened. According to Article 19 of the Accounting Standards for
Business Enterprises No.4-Fixed Assets the Company plans to adjust the depreciation period of fixed assets
related to houses and buildings power generation equipment and other equipment of Shajiao A Power Plant to
make it more in line with the actual use of fixed assets.
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The lease that essentially transfers all the risks and returns related to the ownership of the asset is classified as
finance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the present
value of the minimum lease payments. The difference between the entry value of the fixed asset under finance
lease and the present value of the minimum lease payment is recognised as unrecognised financing charges. Fixed
assets under finance lease share the same depreciation method with company owned fixed assets. If there is
reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term the leased
asset is depreciated over its estimated useful life. Otherwise the leased asset is depreciated over the shorter of the
lease term and its estimated useful life.
25.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost
installation cost capitalised borrowing costs and any other costs directly attributable to bringing the asset to
working condition for its intended use. When the construction in progress is ready for its intended use it is
transferred to fixed assets and starts depreciation the following month. When recoverable amount of the
construction in progress is lower than its carrying value its carrying value is then reduced to the recoverable
amount.
26.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a
substantially long period of time of acquisition and construction for its intended use commence to be capitalised
and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been
incurred and the activities relating to the acquisition and construction that are necessary to prepare the asset for its
intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or
construction becomes ready for its intended use the borrowing costs incurred thereafter are recognised in income
statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is
interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or construction is
resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation the amount of borrowing costs eligible for capitalisation is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising on
the temporary investment of those borrowings during the capitalisation period.For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation the amount of borrowing costs eligible for capitalisation is determined by applying the weighted
average effective interest rate of general borrowings to the weighted average of the excess amount of cumulative
expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which
the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter
period are discounted to the initial amount of the borrowings.
27. Biological assets
28. Oil-gas assets
29. Assets of the right to use
30. Intangible assets
1. Valuation Method Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights sea use rights software associated projects for electricity
transmission and transformation microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are
initially recorded at the valuation amount recognised by the state-owned assets supervision and administration
department.(a) Land use right and sea use right
Land use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchase
costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings
the purchase costs are recognised as fixed assets.
(a)Associated projects for electricity transmission and transformation microwave engineering and transportation
engineering
Projects for electricity transmission and transformation and microwave engineering are undertaken by the Group
for the grid connection project for loading to Guangdong Guangdian Power Grid. From the start of use they are
amortised on a straight-line basis over their benefit period of 16 years.Transportation engineering projects are amortised on a straight-line basis over their benefit period of 10 years to
20 years
(c) Other intangible assets
Besides land use right sea use right associated projects for electricity transmission and transformation
microwave engineering and transportation engineering other intangible assets are amortized on a straight-line
basis over their expected life of 2 years to 25 years.(d) Periodic review on useful life and method of amortisation
For intangible assets with finite useful life their expected life and amortisation method are reviewed and adjusted
at the end of every year.(e) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount.（2）Accounting policies for the internal research and development expenditure
The internal R&D project expenditure is classified into the research expenditure and the development expenditure
based on the property thereof and the large uncertainty existence for the final formation of the intangible assets of
the R&D activities.The expenditure for the planned survey evaluation and selection phases for the R&D projects is that for the
research phase and will be included into the current profits and losses upon occurrence; the expenditure for
relevant design and test phases applied finally for the R&D projects is that for the development phase among
which that complied with the following conditions will be capitalized:
The development of R&D projects has been demonstrated sufficiently by the technology team;
The Management Layer has already approved the budget for the development of R&D projects;
It has sufficient technical and capital support for the project development activities and following large-scale
production;
The expenditure related to the development may be collected reliably.The expenditure of the development phase in unconformity with conditions above will be included into the current
profits and losses upon occurrence. The expenditure of the previous periods included into the profits and losses
will not be re-deemed as the asset in the following periods. The capitalized expenditure in the development phase
is listed as the development expenditure in the balance sheet and will become the intangible asset from the date
when the project meeting the intended usage.
31. Impairment of long-term assets
Fixed assets construction in progress intangible assets with finite useful lives investment property measured at
cost and long-term equity investments in subsidiaries joint venture and associates are tested for impairment if
there is any indication that an asset may be impaired at the balance date. If the result of the impairment test
indicates that the recoverable amount of the asset is less than its carrying amount a provision for impairment and
an impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the
future cash flows expected to be derived from the asset. A provision for asset impairment is determined and
recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual
asset the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is
the smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment
irrespective of whether there is any indication that it may be impaired. In conducting the test the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the
synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset
group or a group of asset groups including the allocated goodwill is lower than its carrying amount the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of
goodwill that is allocated to the asset group or group of asset groups and then deducted from the carrying
amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
assets other than goodwill.Once the asset impairment loss mentioned above is recognised it is not allowed to be reversed for the value
recovered in the subsequent periods.32.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases
and other expenditures that have been incurred but should be recognised as expenses over more than one year in
the currentand subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the
expected beneficial period and are presented at actual expenditure net of accumulated amortisation.
33.Constract Liabilities
34. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries bonuses allowances and subsidies staff welfare
medical insurance work injury insurance maternity insurance housing funds labour union funds employee
education funds short-term paid absence. Short-term remunerations are recognised as current liabilities in the
accounting period in which the service has been rendered by the employees and as costs of assets or expenses to
whichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate
entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a
pension plan that is not a defined contribution plan. During the periods of reporting the Company’s
post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances both of
which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organised by local labour and
social security department. The Group pays basic pension insurances to local labour and social security
department monthly according to local insurance base and corresponding rate. Local labour and social security
department is obligated to pay basic pensions to retired employees.Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees and pays pension insurances
according to the policies of GuangDong Energy Group. The amounts based on the above calculations are
recognised as liabilities in the accounting period in which the service has been rendered by the employees with a
corresponding charge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of
the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of
the employment contracts. The Group recognises a liability arising from compensation for termination of the
employment relationship with employees with a corresponding charge to profit or loss at the earlier of the
following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an
employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to
the restructuring that involves the payment of termination benefits.
Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.
Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have
not meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their early
retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits
the Group adopts the same method as termination benefits that is upon confirming the termination benefits
comply with relevant conditions proposed payment of early retirement wages. and social security from the start
date of termination of services to the date of statutory retirement age are recognised as liability and recorded into
profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare
standard is recorded into current profit or loss.
Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed as
current liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of
the Group’s subsidiaries if an employee’s UEBMI contribution period who participates in basic medical insurance
for urban residents fails to reach the time requirement when the employee reaches the statutory retirement age
the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The
Group determines the amount to be contributed in the residual service period of an employee based on the present
value of the future cash flow expected to be paid for UEBMI till the required time is met which will be
recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in
cost of related assets.
35. Lease liabilities
36. Estimated Liabilities
Provisions for product warranties onerous contracts etc. are recognised when the Group has a present obligation
it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the
obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency such as the risks uncertainties and the time value of money are
taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of
money is material the best estimate is determined by discounting the related future cash outflows. The increase in
the discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best
estimate.The provisions expected to be settled within one year since the balance sheet date are classified as current
liabilities.
37.Share-based Payment
38 . Other financial instruments such as preferred shares and perpetual capital securities
39.Revenues
Whether the company needs to comply with the disclosure requirements of the particular industry
No
Whether implemented new revenue guidelines?
□ Yes √ No
Revenue recognition
The amount of revenue is determined in accordance with the fair value of the consideration received or receivable
for the sale of goods and services in the ordinary course of the Group’s activities.Revenue is shown net of discounts and returns. Revenue is recognised in profit or loss when it is probable that the
economic benefits will flow to the Group the revenue and costs can be measured reliably and the following
respective conditions are met：
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced
by electricity generations to the designated delivery place pursuant to the contract or agreement and the recipient
resource utilisation confirms receipt.(c) Rendering of services
Revenue from rendering of services is measured at the fair value of the consideration received or receivable under
the contract or agreement.The Group provides external bidding agency service and maintenance service.The Group provides external bidding agency service upon the completion of the bidding service revenue is
recognised based on the pricing difference between the electricity consumption of bidding and auction price and
the customer’s conventional price of electricity.The Group provides external maintenance service revenue is recognised according to the percentage completion
method determined by percentage of the total cost incurred.(d) Revenue from sale of certified emission reductions (CERs)
The Group sells CERs provided by its natural gas facilities and wind power facilities. These facilities are
registered with the Clean Development Mechanism (CDM) Executive Board (EB) of the United Nations as CDM
projects under the Kyoto Protocol. The Company also sells voluntary emission reductions (“VERs”) attributable
to the electricity generated from CDM projects before getting registered with CDMEB.Revenue related to CERs and VERs is recognised when the following conditions are met:
- The counterparty has committed to buy CERs or VERs;
- The amount of income from selling CERs or VERs can be reliably measured;
- The Company has generated the related electricity.(e) Transfer of asset usage rights
Interest income is recognised based on the length of time of the deposits or principal outstanding and the
applicable effective interest rate. Rental income for operation lease is recognised according to straight-line method
of allocation over the rental period.Note: Explain the revenue recognition principle and measurement method. The company shall formulate an
accounting policy for revenue recognition based on the actual production and operation characteristics stating the
specific time and measurement method for revenue recognition. If different operation modes are adopted for
similar businesses to recognize revenue at different time points they shall be specified separately. If the income
from the provision of labor services and construction contracts is recognized according to the percentage of
completion method the basis and method for determining the completion progress of the contract shall be
explained.
40.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government
including tax return financial subsidy and etc. Government grants are recognised when the grants can be received
and the Group can comply with all attached conditions. If a government grant is a monetary asset it will be
measured at the amount received or receivable. If a government grant is a non-monetary asset it will be measured
at its fair value. If it is unable to obtain its fair value reliably it will be measured at its nominal amount.Government grants related to assets refer to government grants which are obtained by the Group for the purposes
of purchase construction or acquisition of the long-term assets. Government grants related to income refer to the
government grants other than those related to assets. Government grants related to assets are recorded as deferred
income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants
related to income that compensate the incurred costs expenses or losses are recognised in profit or loss.Government grants related to income that compensate future costs expenses or losses are recorded as deferred
income and recognised in profit or loss in reporting the related costs expenses or losses; government grants
related to income that compensate incurred costs expenses or losses are recognised in profit or loss directly in the
current period. The Group applies the presentation method consistently to the similar government grants in the
financial statements.
41. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising
between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax
asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the
taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary
differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is
recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a
transaction other than a business combination which affects neither accounting profit nor taxable profit (or
deductible loss). At the balance sheet date deferred tax assets and deferred tax liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences deductible losses and tax credits to
the extent that it is probable that taxable profit will be available in the future against which the deductible
temporary differences deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries joint
venture and associates except where the Group is able to control the timing of reversal of the temporary
difference and it is probable that the temporary difference will not reverse in the foreseeable future. When it is
probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in
the foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
?the deferred taxes are relate to the same tax payer within the Group and same fiscal authority and;?
? that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
42. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-line
method over the lease period.Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease the asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments each determined at the inception of the lease.The difference between the fair value of the leased assets and the minimum lease payments is recognised as
unrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effective
interest method over the lease term. The minimum lease payment net of unrecognised finance charges are
disclosed as long-term payable.
43. Other significant accounting policies and estimates
The Group continually evaluates the critical accounting estimates and key judgements applied based on historical
experience and other factors including expectations of future events that are believed to be reasonable under the
circumstances. The critical accounting estimates and key assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined
below:
(a) Estimates on provision for impairment of long-term assets
fixed assets construction in progress intangible assets with finite useful lives investment properties that are
measured at cost and long-term equity investments in subsidiaries joint ventures and associates are tested for
impairment if there’s indications that the assets may be impaired at the balance sheet date. When assessing
whether there’s indication that the above assets are impaired management mainly evaluate and analyse: (1)
whether events affecting asset impairment occurred; (2) whether the present value of expected cash flows arising
from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the assumptions
used in estimating the present value of future cash flows is appropriate. Relevant assumptions adopted by the
Group to determine impairment e.g. changes in assumptions on discount rate and growth rate used to calculate the
present value of future cash flows may have material impact on the present value used in the impairment test and
cause impairment in the above-mentioned long-term assets of the Group.(b) Useful lives and residual value of fixed assets
The useful lives and residual value of fixed assets are determined by management after taking into account their
durability and past maintenance records based on the industry practice. The useful life of the assets is reviewed at
each year-end with appropriate adjustments made accordingly. Any changes in the useful lives and residual value
of fixed assets may have significant impact on the Group’s net profit
(c) Income taxes
The Group is subject to income taxes in numerous jurisdictions. There are some transactions and events for which
the ultimate tax determination is uncertain during the ordinary course of business. Significant judgement is
required from the Group in determining the provision for income taxes in each of these jurisdictions. Where the
final tax outcome of these matters is different from the amounts that were initially recorded such differences will
impact the income tax and deferred tax provisions in the period in which such determination is made.(d) Deferred tax assets
Whether to recognise the deferred tax assets arising from deductible losses and deductible temporary differences
largely depends on the judgement of management on whether sufficient future taxable income that can be used to
deduct deductible losses and deductible temporary differences can be obtained in the future periods. A lot of
judgements and estimates are required to calculate the future taxable income and tax planning strategies and the
influence of overall economic environment shall be considered at the same time. Different judgements and
estimates will impact on the recognition and amount of deferred tax assets. When it is estimated that sufficient
future taxable income against which deductible losses and temporary differences can be utilised can be obtained
in the future periods deferred tax assets are recognised to the extent that it is probable that taxable income will be
available in the future against which deductible losses and temporary differences can be utilised using tax rates
applicable in the period when the asset would be recovered. In determining the amount of deferred tax assets the
Group exercises judgements about the estimated timing and amount of future taxable income and about the tax
rates applicable in the future according to the existing tax policies and other relevant regulations. Differences
between such estimates and the actual timing and amount of future profits will affect the amount of deferred tax
assets.
44.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable □ Not applicable
The content and reason for change of accounting policy Appoval process Remark
According to the requirements of the Ministry of Finance's Accounting
Standards for Business Enterprises No.22 Accounting Standards for
Business Enterprises No.23 Accounting Standards for Business
Enterprises No.24 revised and issued on March 31 2017 and Accounting
Standards for Business Enterprises No.37 revised and issued on May 2
2017 (hereinafter referred to as "New Financial Instrument Standard")
and the Notice on Revising and Issuing the Format of General Enterprise
Financial Statements for 2019 (CK [2019] No.6) on April 30 2019 based
on the Group's business model of managing financial assets and the
contractual cash flow characteristics of financial assets the investments
of the three companies held by the Group are adjusted from
available-for-sale financial assets originally accounted for by the cost
method to financial assets accounted for by fair value and their changes
are included in other comprehensive income and reported in other equity
instruments.On March 20 2019 the Fifth Meeting of
the Audit Committee of the Ninth Board
of Directors of the Company deliberated
and passed the Proposal on Changes in
Accounting Policies and agreed to submit
the proposal to the Board of Directors of
the Company for deliberation. On April
11 2018 the eighth meeting of the ninth
Board of Directors of the Company
deliberated and passed the Proposal on
Changes in Accounting Policies. The
independent directors and the board of
supervisors of the company respectively
expressed independent opinions and audit
opinions on this matter.
(2) Change of main accounting estimations
√ Applicable □ Not applicable
Content of and Reasons for the Changes in Accounting
Estimates
Approval process
Applicable
start time
Remark
According to the Notice of Guangdong Development and
Reform Commission on Shutting down Unit 1 of Shajiao
A Power Plant and Unit 2 of Shajiao B Power Plant
(GFGNDH [2018] No 5354) and the Request of
Guangdong Development and Reform Commission on
On December 27 2018 the Audit Committee
of the Ninth Board of Directors of the
Company held its fourth meeting reviewed the
Proposal on Adjusting Depreciation Years of
Fixed Assets in Shajiao A Power Plant and
January 1
2019
Decommissioning of Shajiao Power Plant and
Construction of Alternative Power Sources (YFGND
[2018] No 361) unit 1 of Shajiao A Power Plant a branch
of the company has been shut down in November 2018
units 2 and 3 are expected to be shut down by the end of
2019 and units 4 and 5 are expected to be shut down by
the end of 2023. According to the current unit shutdown
plan of Shajiao A Power Plant the Company expects that
the service life of some of its fixed assets will be greatly
shortened. According to Article 19 of Accounting
Standards for Business Enterprises No.4-Fixed Assets the
Company plans to adjust the depreciation period of fixed
assets related to Shajiao A Power Plant to make it more in
line with the actual use of fixed assets.agreed to submit it to the Board of Directors of
the Company for deliberation. On January 25
2019 the seventh meeting of the ninth Board
of Directors of the Company deliberated and
passed the Proposal on Adjusting the
Depreciation Period of Fixed Assets of Shajiao
A Power Plant. The independent directors and
the board of supervisors of the company
respectively expressed independent opinions
and verification opinions on this matter.
According to the relevant provisions of the
Shenzhen Stock Exchange Listing Rules and
the Guidelines for the Standardized Operation
of Listed Companies on the Main Board of
Shenzhen Stock Exchange (Revised in 2015)
this adjustment of fixed asset depreciation
period of Shajiao A Power Plant need not be
submitted to the shareholders' meeting for
deliberation.
1. Depreciation of fixed assets: it is estimated to increase by 174 million yuan in 2019 and 49 million yuan
annually from 2020 to 2023;
2. Net profit attributable to parent company: it is estimated to decrease by 174 million yuan in 2019 and 49
million yuan annually from 2020 to 2023;
3. Owner's equity attributable to parent company: it is estimated to decrease by 174 million yuan in 2019 and 49
million yuan annually from 2020 to 2023.
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New Standards
Governing Financial Instruments Revenue or Leases
√ Applicable □ Not applicable
Consolidated balance sheet
In RMB
Items December 31 2018 January 1 2019 Adjustment amount
Current asset：
Monetary fund 5574382892 5574382892
Settlement provision
Outgoing call loan
Transactional financial assets
Financial assets measured at fair value with
variations accounted into current income account
Derivative financial assets
Notes receivable
Account receivable 3358331949 3358331949
Financing of receivables
Prepayments 906261046 906261046
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other account receivable 222976826 222976826
Including：Interest receivable 18856569 18856569
Dividend receivable
Repurchasing of financial assets
Inventories 1481817270 1481817270
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 617853476 617853476
Total of current assets 12161623459 12161623459
Non-current assets：
Loans and payment on other’s behalf disbursed
Debt investment
Available for sale of financial assets 1565806331 -1565806331
Other investment on bonds
Expired investment in possess
Long-term receivable 89762071 89762071
Long term share equity investment 6395134754 6395134754
Other equity instruments investment 1565806331 1565806331
Other non-current financial assets
Property investment 10810722 10810722
Fixed assets 41157594848 41157594848
Construction in progress 7740754343 7740754343
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 1863588771 1863588771
Development expenses
Goodwill 2449886 2449886
Long-germ expenses to be amortized 22089179 22089179
Deferred income tax asset 448431684 448431684
Other non-current asset 1871616258 1871616258
Total of non-current assets 61168038847 61168038847
Total of assets 73329662306 73329662306
Current liabilities
Short-term loans 7526000000 7526000000
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Financial liabilities measured at fair value with
variations accounted into current income account
Derivative financial liabilities
Notes payable 941161107 941161107
Account payable 2196600415 2196600415
Advance receipts 343894 343894
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 235741179 235741179
Tax payable 397001706 397001706
Other account payable 4152518495 4152518495
Including：Interest payable 59316077 59316077
Dividend payable 9703930 9703930
Fees and commissions payable
Reinsurance fee payable
Contract Liabilities
Liabilities held for sales
Non-current liability due within 1 year 2779347654 2779347654
Other current liability 1107904110 1107904110
Total of current liability 19336618560 19336618560
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 18802292664 18802292664
Bond payable 838326742 838326742
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 2311513249 2311513249
Long-term remuneration payable to staff 122913388 122913388
Expected liabilities
Deferred income 133043646 133043646
Deferred income tax liability 100726841 100726841
Other non-current liabilities 166405569 166405569
Total non-current liabilities 22475222099 22475222099
Total of liability 41811840659 41811840659
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5102846886 5102846886
Less：Shares in stock
Other comprehensive income 550010133 550010133
Special reserve
Surplus reserves 7834155143 7834155143
Common risk provision
Retained profit 5490006140 5490006140
Total of owner’s equity belong to the parent company 24227302288 24227302288
Minority shareholders’ equity 7290519359 7290519359
Total of owners’ equity 31517821647 31517821647
Total of liabilities and owners’ equity 73329662306 73329662306
Notes
According to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22
Accounting Standards for Business Enterprises No.23 Accounting Standards for Business Enterprises No.24
revised and issued on March 31 2017 and Accounting Standards for Business Enterprises No.37 revised and
issued on May 2 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice on
Revising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK [2019] No.6) on April
30 2019 based on the Group's business model of managing financial assets and the contractual cash flow
characteristics of financial assets the investments of the three companies held by the Group are adjusted from
available-for-sale financial assets originally accounted for by the cost method to financial assets accounted for by
fair value and their changes are included in other comprehensive income and reported in other equity instruments.
Balance sheet of Parent Company
In RMB
Items December 31 2018 January 1 2019 Adjustment amount
Current asset：
Monetary fund 385577463 385577463
Transactional financial assets
Financial assets measured at fair value with
variations accounted into current income account
Derivative financial assets
Notes receivable
Account receivable 264537475 264537475
Financing of receivables
Prepayments 44826500 44826500
Other account receivable 375296228 375296228
Including：Interest receivable 1121522 1121522
Dividend receivable 447956 447956
Inventories 187058140 187058140
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 199679 199679
Total of current assets 1257495485 1257495485
Non-current assets：
Debt investment
Available for sale of financial assets 1565806331 -1565806331
Other investment on bonds
Expired investment in possess
Long-term receivable 306460000 306460000
Long term share equity investment 24699820321 24699820321
Other equity instruments investment 1565806331 1565806331
Other non-current financial assets
Property investment 7661041 7661041
Fixed assets 978022437 978022437
Construction in progress 9394075 9394075
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 86681362 86681362
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset
Other non-current asset 356004000 356004000
Total of non-current assets 28009849567 28009849567
Total of assets 29267345052 29267345052
Current liabilities
Short-term loans 1500000000 1500000000
Transactional financial liabilities
Financial liabilities measured at fair value with
variations accounted into current income account
Derivative financial liabilities
Notes payable
Account payable 223827319 223827319
Advance receipts
Contract Liabilities
Employees’ wage payable 53346100 53346100
Tax payable 48590195 48590195
Other account payable 98528954 98528954
Including：Interest payable 15787356 15787356
Dividend payable 9703930 9703930
Liabilities held for sales
Non-current liability due within 1 year
Other current liability 1107904110 1107904110
Total of current liability 3032196678 3032196678
Non-current liabilities：
Long-term loan 1500000000 1500000000
Bond payable 838326742 838326742
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 4340898 4340898
Long-term remuneration payable to staff 32170769 32170769
Expected liabilities
Deferred income 48362943 48362943
Deferred income tax liability 99461621 99461621
Other non-current liabilities
Total non-current liabilities 2522662973 2522662973
Total of liability 5554859651 5554859651
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5605794601 5605794601
Less：Shares in stock
Other comprehensive income 550010133 550010133
Special reserve
Surplus reserves 7834155143 7834155143
Retained profit 4472241538 4472241538
Total of owners’ equity 23712485401 23712485401
Total of liabilities and owners’ equity 29267345052 29267345052
Notes
According to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22
Accounting Standards for Business Enterprises No.23 Accounting Standards for Business Enterprises No.24
revised and issued on March 31 2017 and Accounting Standards for Business Enterprises No.37 revised and
issued on May 2 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice on
Revising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK [2019] No.6) on April
30 2019 based on the Group's business model of managing financial assets and the contractual cash flow
characteristics of financial assets the investments of the three companies held by the Group are adjusted from
available-for-sale financial assets originally accounted for by the cost method to financial assets accounted for by
fair value and their changes are included in other comprehensive income and reported in other equity instruments.
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New Standards
Governing Financial Instruments or Leases
□ Applicable √ Not applicable
45.Other
VI. Taxation
1. Main categories and rates of taxes
Class of tax Tax basis Tax rate
VAT
Taxable value added amount (Tax payable is
calculated using the taxable sales amount
multiplied by the applicable tax rate less deductible
VAT input of current period)3%，6%，9%，10%13% and 16%（According to the“Notice of the Ministry of Finance and the State
Administration of Taxation on Adjusting theValue-Added Tax Rate” (Cai Shui [2019] No. 39) and
related regulations since April 1 2019 the tax rates
for the group's original business which were applicable
to 16% and 10% will be adjusted to 13% and 9%respectively）
City maintenance and
construction tax
Amount of VAT business tax and consumption tax
paid
5% and7%
Corporate income tax Taxable income 0%12.5%15%，20% and 25%
Education surcharges Based on VAT paid 3%
Local education
surcharges
Based on VAT paid 2%
House property tax The rental income or residual value of the property 12% and1.2%
In case there exist any taxpayer paying corporate income tax at different tax rates disclose the information
Name of taxpayer Income tax rates
Dianbai Wind power 12.50%
Qujie Wind Power 12.50%
Leizhou Wind Power 0%
Zhanjiang Electric Power Co. Ltd. 15%
Zhanjiang Yuheng Electric Power Maintenance and Installation
Co. Ltd.
20%
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No. 46 and Guo Shui Fa [2009] No. 80) Xuwen Wind Power
Dianbai Wind Power Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in the
first three years counting from the year profits are recorded and can enjoy half rate reduction in the following
three years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in
2012 and Dianbai Wind Power posted profits for the first time in 2016 Qujie Wind Power posted profits for the
first time in 2016 and Leizhou Wind Power posted profits for the first time in 2017 the applicable enterprise
income tax rates for Dianbai Wind Power Qujie Wind Power and Leizhou Wind Power are 12.5%12.5% and 0%
in 2019 (2018:0% 0% and 0%) respectively.
In addition 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co. Ltd. (“Shibeishan”) Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd. (“ZhanjiangWind Power”) Xuwen Wind Power Dianbai Wind Power Qujie Wind Power and Leizhou Wind Power and
Huilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added Tax
Policies on Wind Power Generation (Cai Shui [2015] No.74)
(b) In 2008 Zhanjiang Electric a subsidiary of the Company was granted a High-tech Enterprise Certificate
(Certificate No.: GR201744007248) by the Department of Science & Technology of Guangdong Province
Department of Finance of Guangdong Province the State Taxation Bureau of Guangdong Province and the Local
Taxation Bureau of Guangdong Province on 11 December 2017. The certificate is valid for three years. Under
Article 28 of the Enterprise Income Tax Law of the People’s Republic of China and the circular ([2017] No. 24)
issued by the State Administration of Taxation the tax prefenrence can be requested as of the year of the issue of
the high-tech enterprise certificate and the income tax rate applicable to Zhanjiang Electric for 2019 is 15% (2018:
15%).
(c) Pursuant to the approval documents (Cai Shui [2018] No. 77) Yuheng Electric was recognised as a small
enterprise with low profits since its annual taxable income was less than RMB 1 million so the amount of taxable
income was reduced to 50% of its income and was subject to enterprise income tax at the tax rate of 20%.Therefore the applicable enterprise income tax rate for Yuheng Electric is 20% (2018: 20%).
3.Other
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Items Closing balance Opening balance
Cash on hand 42282 31413
Cash at bank 5196580593 5570351479
Other cash balance 3111720 4000000
Total 5199734595 5574382892
Other notes
1.As of June 302019The company’s deposit in Yudean Finance company is 4915764758 yuan (4978118712
yuan before December 31 2018).The deposit in Yudean Finance means that deposited in Guangdong Yudean
Finance Co. Ltd. (“Yudean Finance”). Yudean Finance is one financial institution approved by People's Bank of
China and is a subsidiary of Energy Group Co. Ltd.
2. As of June 30 2019 other cash balances amounted to RMB 3111720 (31 December 2018: 4000000) and
represented deposits of Huizhou Pingdian Comprehensive Energy Co. Ltd. (“Pingdian Comprehensive”) a
subsidiary of the Group for the purpose of applying for performance guarantees of RMB 2000000( 31 December
2018:4000000)for admission to sales of electricity at Guangdong Power Exchange Centre. The balance of the
Group's restricted carbon account is 1111720 yuan.
2. Transactional financial assets
In RMB
Items Closing balance Opening balance
Financial assets measured at fair value through profit or
loss
37203
Of which ：
Of which：
Total 37203
Other notes
3. Derivative financial assets
Not applicable
4. Notes receivable
Not applicable
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
Category
Closing balance Opening balance
Book balance
Bad debt
provision
Book value
Book balance
Bad debt
provision
Book value
Amount
Proport
ion %
Amount
Propo
rtion
%
Amount
Proport
ion %
Amount
Propor
tion %
Of which：
Accrual of bad
debt provision
3264298468 100 % 180155 0.01% 3264118313 3358489658 100 % 157709 0.01% 3358331949
by portfolio
Of which：
Low risk
portfolio
3255023499 99.72% 0 0 % 3255023499 3345279051 99.61% 0 0 % 3345279051
Other portfolio 9274969 0.28% 180155 1.94% 9094814 13210607 0.39% 157709 1.19% 13052898
Total 3264298468 100 % 180155 0.01% 3264118313 3358489658 100 % 157709 0.01% 3358331949
Accrual of bad debt provision by single item:
Not applicable
Accrual of bad debt provision by portfolio:
Not applicable
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
√ Applicable □Not applicable
(i) As of June 30 2019 the Group has no accounts receivable for which bad debt reserves are separately accrued.(ii) On June 30 2019 the accounts receivable with provision for bad debts by combination are analyzed as
follows:
In RMB
Book balance Dad debt reserves
Amount Expected credit loss for the
entire duration
Amount
Low risk portfolio 33255023499 0.00% -
Other portfolio 9274969 1.94% 180155
3264298468 180155
Disclosure by aging
In RMB
Aging
Closing balance
Within 1 year（Including 1 year） 3264118313
Within 1 year 3264118313
Total 3264118313
(2) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Category Opening balance
Amount of change in the current period
Closing balance
Accrual
Reversed or
collected amount
Write-off
Accounts receivable 157709 22446 180155
Total 157709 22446 180155
Of which the significant amount of the reversed or collected part during the reporting period
Not applicable
（3）Top 5 of the closing balance of the accounts receivable collected according to the arrears party
Debtor Book amount Provision for bad debts Proportion%
GPGC 2963751203 - 90.79%
Shenzhen Power supply
Bureau 248592385 - 7.62%
GPGCZhanjiang Power
supply Bureau 17543877 - 0.54%
GPGCMaoming Power
supply Bureau 11552907 - 0.35%
YPGC 4274812 - 0.13%
Total 3245715184 - 99.43%
6. Financing of receivables
Not applicable
7.Prepayments
(1) List by aging analysis:
In RMB
Aging
Closing balance Opening balance
Amount Proportion % Amount Proportion %
Within 1 year 841263197 99.66% 898559234 99.16%
1-2 years 1266197 0.15% 6388849 0.70%
2-3 years 963210 0.11% 756896 0.08%
Over 3 years 662651 0.08% 556067 0.06%
Total 844155255 -- 906261046 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 302019 advances to suppliers aged more than 1 year were RMB 2892058 mainly including
prepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Name
Relationship with the
company
Amount Proportion % Reason
Guangdong Power Industry Fuel Co. Ltd.The joint venture
with Guangdong
group control
523735826 62.02%
Guangdong Zhutou Electric Power fuel Co.Ltd.Third party 126998446 15.04%
Guangdong Yudean Natural gas Co. Ltd. Related party 44552246 5.28%
Guangzhou Port Co. Ltd. Railway Branch Third party 37503567 4.44%
Guangzhu Railway Co. Ltd. Gaolanjian
Station Special income account
Third party 22950521 2.72%
Total 755740606 89.49%
Other notes
8. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 23038895 18856569
Other accounts receivable 275581692 204120257
Total 298620587 222976826
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Fixed deposit 23038895 18856569
Total 23038895 18856569
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
(2)Dividend receivable
1) Dividend receivable
Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Supplementary medical insurance fund
receivable
81803575 74967255
Sales of by-products receivable 106675936 61562471
Land receivable deposit 23446000 23446000
Receivable petty cash 13373636 8207879
Advances receivable 13569871 5423464
Government subsidy receivable 3909598 5208887
Other 42748926 34749156
Total 285527542 213565112
2）Bad-debt provision
In RMB
Bad Debt Reserves Stage 1 Stage 2 Stage 3 Total
Expected credit losses
over the next 12
months
Expected credit loss over
life (no credit impairment)
Expected credit losses for
the entire duration (credit
impairment occurred)
Balance as at January 1 2019 2437143 7007712 9444855
Balance as at January 1 2019
in current
—— —— —— ——
Accrual in the current period 500995 500995
Balance as at June 302019 2938138 7007712 9945850
Loss provision changes in current period change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
Aging Closing balanceWithin 1 year(Including 1 year） 234638906
Within 1 year 234638906
1-2 years 39552832
2-3 years 20259
Over 3 years 1369695
3-4 years 315000
Over 5 years 1054695
Total 275581692
3) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Category Opening balance
Amount of change in the current period
Closing balance
Accrual
Reversed or collected
amount
Other account receivable 9444855 500995 9945850
Total 9444855 500995 9945850
(i) On June 302019 The bad debt provision for other receivables in the first stage is analyzed as follows:
In RMB
Book balance
Expected credit Loss rate
for the next 12months
Provision for bad debts Reason
Low risk portfolio 215835109 0.00% -
Expected credit
Loss method
Other portfolio 62684721 4.69% 2938138
Expected credit
Loss method
Total 278519830
2938138
(ii) On June 302019 The Group does not have other receivables in the second stage.(iii) On JUNE 302019 The bad debt provision for other receivables in the third stage is analyzed as follows:
In RMB
Book balance
Expected credit loss rate over the
entire life
Provision for bad
debts
Reason
Accrual by
single item
7007712 100.00% 7007712 Unexpected to recover
Of which the significant amount of the reversed or collected part during the reporting period
Not applicable
4) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Name Nature
Closing
balance
Aging
Proportion of the
total year end balance
of the accounts
receivable
Closing
balance of bad
debt provision
Guangdong Yudean Environmental
Protection Co. Ltd.Sales of by-products
receivable
94790847
Within 1
year
33.20% 0
Taikang Endowment Insurance Co.Ltd. Guangdong Branch
Supplementary medical
insurance funds shall be
receivable
81803575
Within 1
year
28.65% 0
Maoming Bohe Xingang District
Construction Command Office
Land receivable deposit 23446000 1-2 years 8.21% 0
Maoming Petrochemical Shengli
cement Co. Ltd.Sales of by-products
receivable
4270034
Within 1
year
1.50% 0
Huilai County Taxation Bureau
Government subsidy
receivable
3490978 1-2 years 1.22% 0
Total -- 207801434 -- 72.78% 0
(5) Account receivables with government subsidies involved
In RMB
Name Project name Amount in year-end At the end of aging
Estimated time amount
and basis
Huilai State Taxation
Bureau
VAT is refunded
immediately
3490978 1-2 years
Expected to be recovered
the following year
Xuwen State Taxation
Bureau
VAT is refunded
immediately
418619 1-2 years
Expected to be recovered
the following year
9. Inventories
Whether implemented new revenue guidelines?
□ Yes √No
（1）Category of Inventory
In RMB
Items
Closing book balance Opening book balance
Book balance
Provision for
inventory
impairment
Book value Book balance
Provision for
inventory
impairment
Book value
Raw materials 1102803086 0 1102803086 780978630 1429525 779549105
Parts 694073908 18128209 675945699 697094406 18128209 678966197
Other 33425210 0 33425210 23301968 0 23301968
Total 1830302204 18128209 1812173995 1501375004 19557734 1481817270
Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information Disclosure
Guidelines No. 4 - listed companies engaged in seed industry planting business" disclosure requirements
No
(2) Inventory depreciation reserve
In RMB
Items
Beginning of
term
Increased in current period Decreased in current period
End of term
Provision Other Transferred back Other
Raw materials 1429525 0 0 1429525 0 0
Parts 18128209 0 0 0 0 18128209
Total 19557734 0 0 1429525 0 18128209
Guangdong Huizhou Natural Gas Power Generation Co. Ltd a subsidiary of our company disposed of 250#
heavy oil in April 2019 with a write-off reserve of 1429525 yuan.
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
Not applicable
(4) Assets unsettled formed by construction contract which has completed at period-end
Not applicable
10.Contact assets
Not applicable
11. Assets divided as held-to-sold
Not applicable
12. Non-current assets due within 1 year
Not applicable
13. Other current assets
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
Items
Year-end balance Year-beginning balance
Deductible VAT 306883288 613635937
Pending disposal of other current assets 24272 35828
Prepayment of income tax 3006722 4181711
Total 309914282 617853476
14.Creditor's rights investment
Not applicable
15.Other creditor's rights investment
Not applicable
16. Long-term accounts receivable
(1) List of long-term accounts receivable
In RMB
Items
Closing balance Opening balance
Discount rate
interval Book balance
Provision for
inventory
impairment
Book value Book balance
Provision for
inventory
impairment
Book value
After-sale
leaseback deposit
90938922 0 90938922 89762071 0 89762071 5.40%-7.30%
Total 90938922 0 90938922 89762071 0 89762071 --
Provision for bad debts
In RMB
Bad Debt Reserves
Stage 1 Stage 2 Stage 3
Total Expected credit
losses over the
next 12 months
Expected credit loss over
life (no credit
impairment)
Expected credit losses for
the entire duration (credit
impairment occurred)
Balance as at January 1 2019 0 0 0 0
Balance as at January 1 2019
in current period
—— —— —— ——
Balance as at June 302019 0 0 0 0
Loss provision changes in current period change in book balance with significant amount
□ Applicable √ Not applicable
(2) Long-term accounts receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(3) The amount of the assets and liabilities formed by the transfer and the continues involvement of long-term
accounts receivable
Not applicable
17. Long-term equity investment
In RMB
Investees
Opening
balance
Increase /decrease
Closing balance
Closing
balance of
impairment
provision
Additi
onal
invest
ment
Decre
ase in
invest
ment
Profits and
losses on
investments
Recognized
under the
equity method
Other
compre
hensiv
e
income
Chan
ges in
other
equity
Cash bonus or
profits
announced to
issue
Withd
rawal
of
impair
ment
provis
ion
Oth
er
I. Joint ventures
Industrial
Fuel
602584896 39224948 68053122 573756722
Subtotal 602584896 39224948 68053122 573756722
II. Associates
YangshanJi
angkeng
5694710 512329 6207039
Yangshan
Zhongxink
eng
7808826 1235845 9044671
West
Investment
135652349 5381585 141033934
Yudean
Shipping
935111350 -27338357 907772993
Shanxi
Yudean
Enerty
1440189806 113185370 40000000 1513375176
Yudean
Finance
728955751 53798544 64106710 718647585
Taishan
Power
Generation
1969208996 66275437 2035484433
Yudean
Captive
258026177 7437804 773832 264690149
Weixin
Yuntou
257636706 10370386 268007092 25010686
Huaneng
Shantou
54265187 3534323 57799510
Subtotal 5792549858 234393266 104106710 5922062582 25010686
Total 6395134754 273618214 172933664 6495819304 25010686
18. Other equity instruments investment
In RMB
Items Closing balance Opening balance
Shenzhen Capital Group Co. Ltd. 877203191 799040951
Sunshine Insurance Group Co. Ltd. 356000000 356000000
Shanghai Shenergy Group 333748822 270997380
Shenzhen Energy Co. Ltd. 78120000 66150000
Southern Offshore wind power Union
Development Co. Ltd
70000000 70000000
GMG International Tendering Co. Ltd. 5580000 3618000
Total 1720652013 1565806331
Itemized disclosure of the current non - trading equity instrument investment
In RMB
Name
Recognized
dividend
income
Accumulating
gains
Accum
ulating
losses
Amount of
other
comprehensive
income
transferred to
retained earning
Reasons for being measured at
fair value and whose changes are
included in other comprehensive
income
Reasons for other
comprehensive
income
transferred to
retained earnings
Shenzhen Capital
Group Co. Ltd.
18483929 618905751
The asset held by the company
is neither for sale nor for
obtaining the contract cash flow
and the changes in its fair value
will not affect the profit and loss
so it is placed in this account.Shanghai Shenergy 11106450 97910835 The asset held by the company
Group is neither for sale nor for
obtaining the contract cash flow
and the changes in its fair value
will not affect the profit and loss
so it is placed in this account.Shenzhen Energy
Co. Ltd.
630000 62229373
The asset held by the company
is neither for sale nor for
obtaining the contract cash flow
and the changes in its fair value
will not affect the profit and loss
so it is placed in this account.GMG International
Tendering Co. Ltd.
360000 1980000
The asset held by the company
is neither for sale nor for
obtaining the contract cash flow
and the changes in its fair value
will not affect the profit and loss
so it is placed in this account.Sunshine Insurance
Group Co. Ltd.The asset held by the company
is neither for sale nor for
obtaining the contract cash flow
and the changes in its fair value
will not affect the profit and loss
so it is placed in this account.Southern Offshore
wind power Union
Development Co.
Ltd
The asset held by the company
is neither for sale nor for
obtaining the contract cash flow
and the changes in its fair value
will not affect the profit and loss
so it is placed in this account.
19.Other non-current assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
Items House Building Land use right Construction in process Total
I. Original price
1. Balance at
period-beginning
23350683 23350683
2.Increase in the current
period
(1) Purchase
(2)Inventory\Fixed
assets\ Transferred from c
onstruction in progress
(3)Increased of
Enterprise Combination
3.Decreased amount of the
period
（1）Dispose
（2）Other out
4. Balance at period-end 23350683 23350683
II.Accumulated
amortization
1.Opening balance 12539961 12539961
2.Increased amount of the
period
712817 712817
(1) Withdrawal 712817 712817
3.Decreased amount of the
period
（1）Dispose
（2）Other out
4. Balance at period-end 13252778 13252778
III. Impairment provision
1. Balance at
period-beginning
2.Increased amount of
the period
(1) Withdrawal
3.Decreased amount of the
period
（1）Dispose
（2）Other out
4. Balance at period-end
IV.Book value
1.Book value at period
-end
10097905 10097905
2.Book value at
period-beginning
10810722 10810722
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
(3) Details of investment property failed to accomplish certification of property
Not applicable
21. Fixed assets
In RMB
Items Closing balance Opening balance
Fixed assets 40070396463 41146148282
Disposal of fixed assets 26711295 11446566
Total 40097107758 41157594848
(1) List of long-term accounts receivable
In RMB
Items House building
Machinery
equipment
Transportations Other equipment Total
I. Original price
1. Balance at
period-beginning
18598681407 58157094942 601983027 1313127190 78670886566
2.Increase in the
current period
7119065 773024472 3747214 6310881 790201632
(1) Purchase 5043075 7787045 3747214 5138609 21715943
（2） Transferred fr
om construction in p
rogress
2075990 765237427 1172272 768485689
(3)Increased of
Enterprise
Combination
3.Decreased amount
of the period
26229160 178806243 9003281 10912394 224951078
（1）Disposal 26229160 178806243 9003281 10912394 224951078
4. Balance at
period-end
18579571312 58751313171 596726960 1308525677 79236137120
II. Accumulated
depreciation
1.Opening balance 6520345627 28700016782 445707863 881635550 36547705822
2.Increased amount
of the period
233021737 1525292052 8871066 93700948 1860885803
(1) Withdrawal 233021737 1525292052 8871066 93700948 1860885803
3.Decrease in the
reporting period
10789488 38169855 7882224 5365656 62207223
（1）Disposal 10789488 38169855 7882224 5365656 62207223
4.Closing balance 6742577877 30200504064 446696704 969970842 38346384402
III. Impairment
provision
1.Opening balance 137793202 833579211 1656135 4003914 977032462
2.Increase in the
reporting period
（1）Withdrawal
3.Decrease in
the reporting period
157676207 157676207
（1）Disposal 157676207 157676207
4. Closing balance 137793202 675903004 1656135 4003914 819356255
IV. Book value
1.Book value of the
period-end
11699200233 27888271188 148374121 334550921 40070396463
2.Book value of the
period-begin
11940542578 28623498949 154619029 427487726 41146148282
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in from financing lease
In RMB
Items Original book value
Accumulated
depreciation
Impairment provision Book value
Jinghai financing leasing
assets
1000000000 799583333 200416667
Zhongyue financing
leasing assets
900000000 331165204 568834796
Yuejiang financing
leasing assets
1121850800 307430267 814420533
(4) Fixed assets leased in the operating leases
In RMB
Items End book value
House and Building 1240810
(5) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
House and Building 174479826
Temporarily in the government approved
stage
Other notes
On June 30 2019 after consulting the Group's legal advisers the management believed that there would be no
substantive legal obstacles to the handling of these property certificates and would not have a significant adverse
impact on the normal operation of the Group.
（6）Liquidation of fixed assets
In RMB
Items Closing balance Opening balance
Parts of power generation equipment have
been scrapped
22791513 11136365
Other equipment 3919782 310201
Total 26711295 11446566
22. Construction in progress
In RMB
Items Closing balance Opening balance
Construction in progress 8371820766 7739308786
Engineering Material 1701610 1445557
Total 8373522376 7740754343
(1) List of construction in progress
In RMB
Items
Closing balance Opening balance
Book balance
Provision for
impairment
Book value Book balance
Provision for
impairment
Book value
Bohe Coal integration project 5589561855 5589561855 5412887911 5412887911
Qujie Wailuo offshore wind
power project
1276013697 1276013697 543716851 543716851
Yangjiang Shapa offshore wind
power project
232363528 232363528 232363528 232363528
Zhuhai Jinwan Electric offshore
wind power project
43915032 43915032 43915032 43915032
Humen Electric 2*1000MW
project
137373040 137373040 0 137373040 137373040 0
Huadu thermal and power
cogeneration project
106288566 106288566 89786127 89786127
Huizhou Natural Gas thermal
and power cogeneration
expansion project
13756102 13756102 554922342 554922342
Red Bay No.5&6 generator
units
26446446 26446446 26446446 26446446
Other technology improvement
projects
544309630 544309630 437488696 437488696
Other infrastructure
construction projects
567888563 28722653 539165910 426504506 28722653 397781853
Total 8537916459 166095693 8371820766 7905404479 166095693 7739308786
(2) Changes of significant construction in progress
In RMB
Name Budget
Amount at
year
beginning
Increase at
this period
Transferred
to fixed
assets
Other
decrease
Balance in
year-end
Proportion
(%)
Progress
of work
Capitalisatio
n of interest
accumulated
balance
Including：
Current amount
of capitalization
of interest
Capitalisatio
n of interestratio（%)Source of
funds
Bohe Coal
integration
project
9785950000 5412887911 176673944 5589561855 60.44% 60.44% 497010566 47084319 4.62%
Loans from
financial
institutions
Huizhou Natural
Gas thermal and
power
cogeneration
expansion project
3326370000 554922342 171126659 668577854 43715045 13756102 78.86% 99.90% 64496444 946438 4.41%
Loans from
financial
institutions
Qujie Wailuo
offshore wind
power project
7339450000 543716851 732296846 1276013697 8 % 8 % 3903984 1301328 4.41%
Loans from
financial
institutions
Red Bay No.5&6
generator units
7714370000 26446446 26446446 0.30% 0.30% Other
Yangjiang Shapa
offshore wind
power project
5999710000 232363528 232363528 3.87% 3.87% 951428 2041 4.41%
Loans from
financial
institutions
Zhuhai Jinwan
Electric offshore
wind power
project
5659710000 43915032 43915032 0.76% 0.76% Other
Huadu thermal
and power
cogeneration
project
3593160000 89786127 16502439 106288566 2.60% 2.60% Other
Other
infrastructure
construction
projects
397781853 147355503 5971446 539165910 156332165 1394551 Other
Other technology
improvement
projects
437488696 203127765 93936389 2370442 544309630 1419376 846076 Other
Total 43418720000 7739308786 1447083156 768485689 46085487 8371820766 -- -- 724113963 51574753 --
(3) List of the withdrawal of the impairment provision of the construction in progress
Not applicable
（4）Engineering material
In RMB
Items
End of term Beginning of term
Book balance
Provision for
impairment
Book value Book balance
Provision for
impairment
Book value
Special Material 1701610 1701610 1445557 1445557
Total 1701610 1701610 1445557 1445557
23. Productive biological assets
Not applicable
24. Oil-and-gas assets
Not applicable
25.Right-to-use assets
Not applicable
26. Intangible assets
(1) Information
In RMB
Items
Land use
right
Patent
Non-patent
Technology
Software
Franchise
right
Sea use
right
Transportation
project
Electric
transmission
project and
microwave
project
Other Total
I. Original price
1.Opening
balance
2111186109 881063 116800217 13720736 129906544 22468672 442517684 2148357 2839629382
2.Increased
amount of the
period
5548669 8928924 14477593
(1) Purchase
5548669 8928924 14477593
(2)Internal
Development
(3)Increased of
Enterprise
Combination
3.Decreased
amount of the
period
540902 2765281 3306183
（1）Disposal 540902 2765281 3306183
4. Balance at
period-end
2111186109 881063 121807984 13720736 129906544 22468672 442517684 8312000 2850800792
II.Accumulated
amortization
1. Balance at
period-beginning
336059121 252445 84731838 10192847 23103892 21447068 409328310 211739 885327260
2. Increase in the
current period
23406992 69398 5343876 141071 1034226 104540 30100103
(1)
Withdrawal
23406992 69398 5343876 141071 1034226 104540 30100103
3.Decreased
amount of the
period
455347 455347
（1）Disposal 455347 455347
4. Balance at
period-end
359466113 321843 89620367 10333918 24138118 21447068 409328310 316279 914972016
III. Impairment
provision
1. Balance at 56502373 1021604 33189374 90713351
period-beginning
2. Increase in the
current period
(1) Withdrawal
3.Decreased
amount of the
period
（1）Disposal
4. Balance at
period-end
56502373 1021604 33189374 90713351
4. Book value
1.Book value at
period -end
1695217623 559220 32187617 3386818 105768426 7995721 1845115425
2.Book value at
period-beginning
1718624615 628618 32068379 3527889 106802652 1936618 1863588771
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion of
the balance of intangible assets
⑵Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 33714612 Land use approval procedure in progress
27. Development expenditure
Not applicable
28. Goodwill
(1) Original book value of goodwill
In RMB
Name of the investees or the events
formed goodwill
Opening balance Increase Decrease Closing balance
Province Wind Power 2449886 2449886
Lincang Company 25036894 25036894
Total 27486780 27486780
（2）Impairment provision of goodwill
In RMB
Name of the
investees or the
events formed
goodwill
Opening balance Increase Decrease Closing balance
Lincang Company 25036894 25036894
Total 25036894 25036894
29.Long-term amortization expenses
In RMB
Items
Balance in
year-begin
Increase at this
period
Amortization
balance
Other decrease Balance in year-end
Leasehold
improvement
4773551 456942 1049762 4180731
Long-term lease
charges
17315628 1014083 16301545
Total 22089179 456942 2063845 20482276
30.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
Items
Balance in year-end Balance in year-begin
Deductible temporary
difference
Deferred income tax
assets
Deductible temporary
difference
Deferred income tax
assets
Provision for asset
impairments
592790665 138530294 592790665 138530294
Deductible losses 852332149 211980510 1023611123 254800254
Intra-group transactions 175871684 43967921 184890744 46222686
Net income from test run
included in construction
in progress
169034589 39513222 169034589 39513222
Employee benefits
payable
98124525 22227221 98124525 22227221
Depreciation of fixed
assets
77115313 19278829 77115313 19278829
Capital government grant 78570400 19642600 78570400 19642600
Amortisation of land use 3313344 828336 3313344 828336
Total 2047152669 495968933 2227450703 541043442
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Items
Balance in year-end Balance in year-begin
Temporarily Deductable
or Taxable Difference
Deferred Income Tax
liabilities
Temporarily Deductable
or Taxable Difference
Deferred Income Tax
liabilities
Changes in fair value of
available-for-sale
financial assets included
in other comprehensive
income
759500054 189875013 704342515 176085629
Net expenses in test run
included in construction
in progress
52176856 13044215 52176856 13044215
Amortisation of land use
rights
16835020 4208755 16835020 4208755
Total 828511930 207127983 773354391 193338599
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
Items
Trade-off between the
deferred income tax
assets and liabilities
End balance of deferred
income tax assets or
liabilities after off-set
Trade-off between the
deferred income tax
assets and liabilities at
period-begin
Opening balance of
deferred income tax
assets or liabilities after
off-set
Deferred income tax
assets
-39350846 456618087 -92611758 448431684
Deferred income
liabilities
-39350846 167777137 -92611758 100726841
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 964810647 1101102084
Deductible loss 1367174206 1124573498
Total 2331984853 2225675582
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2019 3341528 3341528
2020 172104 172104
2021 141098222 141098222
2022 412387834 412387834
2023 567573810 567573810
2024 242600708
Total 1367174206 1124573498 --
31. Other non-current assets
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
Items Closing balance Opening balance
Prepayments for equipment fund 588980888 482385711
Prepayments for construction fund 444656343 462720385
Unrealised losses on sale and lease back 330906435 340505389
VAT input to be offset 677697588 581667123
Prepayment for land use rights 3732680 3732680
Other 510369 604970
Total 2046484303 1871616258
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
Items Closing balance Opening balance
Credit borrowings 6916200000 7526000000
Total 6916200000 7526000000
(2) List of the short-term borrowings overdue but not return
Not applicable
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
Not applicable
35.Notes payable
In RMB
Items Closing balance Opening balance
Commercial acceptance 353460212 386161107
Bank acceptance bills 894236650 555000000
Total 1247696862 941161107
Amount due in next fiscal period is RMB0.00.
36. Accounts payable
(1) List of accounts payable
In RMB
Items Closing balance Opening balance
Fuel payable 1814337311 1671130460
Materials and spare parts payable 343544018 473108337
Other 94027332 52361618
Total 2251908661 2196600415
（2）Significant accounts payable that aged over one year
In RMB
Items Balance in year-end The reason for not repaid or carried forward
Materials and spare parts payable 33747988 After both parties to confirm the amount paid
Other 1909800 After both parties to confirm the amount paid
Total 35657788 --
37. Advance from customers
Whether implemented new revenue guidelines?
□ Yes √No
(1) List of advance from customers
In RMB
Items Closing balance Opening balance
Advances for grid payment 186712 155328
Other 106001 188566
Total 292713 343894
(2) Accounts payable with major amount and aging of over one year
Not applicable
（3）Information of unliquidated completed assets formed in the construction contract at the end of the period
Not applicable
38.Contract liabilities
Not applicable
39. Payroll payable
(1) List of Payroll payable
In RMB
Items Opening balance Increase Decrease Closing balance
Short-term compensation 179432031 684956270 653720264 210668037
Post-employment
benefits - defined
contribution plans
29372990 107468194 132605506 4235678
Dismissal welfare 26936158 11039650 1609185 36366623
Total 235741179 803464114 787934955 251270338
（2）Presentation of short-term compensation
In RMB
Items Opening balance Increase Decrease Closing balance
1.Wages bonuses
allowances and subsidies
512674815 484328372 28346443
2.Employee welfare 1859343 37215304 37224626 1850021
3. Social insurance
premiums
85197432 35536713 30463824 90270321
Including：Medical
insurance
85197432 30703784 25630895 90270321
Work injury insurance 627745 627745
Maternity insurance 2909663 2909663
Other 1295521 1295521
4. Public reserves for
housing 61840329 61840329
5.Union funds and staff
education fee 87233778 36933650 36780093 87387335
8.Other
Short-term remuneration
5141478 755459 3083020 2813917
Total 179432031 684956270 653720264 210668037
（3）Defined contribution plans listed
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1. Basic old-age
insurance premiums
67544559 67544559
2.Unemployment
insurance
3234332 3234332
3. Annuity payment 29372990 36689303 61826615 4235678
Total 29372990 107468194 132605506 4235678
40.Tax Payable
In RMB
Items Closing balance Opening balance
VAT 272210040 242647263
Enterprise Income tax 172208123 115757551
Individual Income tax 1440060 12437608
City Construction tax 6675145 4418167
Land use tax 5447223 2122128
House property Tax 18600036 3347609
Education surcharges 5518077 3469767
Environmental protection tax 730212 3389557
Water resource 4399438 6706870
Other 2361769 2705186
Total 489590123 397001706
41.Other payable
In RMB
Items Closing balance Opening balance
Interest payable 147098684 59316077
Dividend payable 9796594 9703930
Other payable 3685626240 4083498488
Total 3842521518 4152518495
（1) Interest payableIn RMB
Items Closing balance Opening balance
Long-term loans interest of installment and
interest charge
93902831 29830979
Enterprise bond interest 43425034 17070842
Short term loan interest payable 9416652 10103964
Other 354167 2310292
Total 147098684 59316077
Interest overdue without paid：
Not applicable
（2）Dividends payable
In RMB
Items Closing balance Opening balance
Common dividends 9796594 9703930
Total 9796594 9703930
（3）Other payable
（1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment payable 3212430170 3622672965
Engineering quality guarantee payable 134459293 118821787
State Oceanic Administration penalty
payable
183676050 183676050
Advance payment 1113204 1153204
Other 153947523 157174482
Total 3685626240 4083498488
(2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Opening balance
Construction and equipment payable 710257877
Engineering quality guarantee payable 64587250
State Oceanic Administration penalty
payable
183676050
Other 8276410
Total 966797587 --
Other notes
Mainly used to cope with project funds and retention money. Since the project has not finished the project and
acceptance and final settlement or in the warranty period of acceptance the project funds and retention money has
not been settled.
42. Divided into liability held for sale
Not applicable
43.Non-current liabilities due within 1 year
In RMB
Items Closing balance Opening balance
Long-term loans due in 1 year 2226732604 1745797372
Bond payable due in 1 year 739205765 698667556
Long-term Account payable due in 1 year 283130012 334882726
Total 3249068381 2779347654
44. Other current-liabilities
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
Items Closing balance Opening balance
Short-term bond payable 1207789479 1107904110
Total 1207789479 1107904110
Changes in short-term debentures payable：
In RMB
Name
Face
value
Issua
nce
date
Maturity
period
Issuance
amounts
Balance at
the
beginning
of the year
Issuance
during the
year
Interest at
face
value
Amortisa
tion of
discounts
or
premium
Repayment
for the
period
Balance at
the end of
the year
Second batch of
short-term financing
bonds issued by
Guangdong Electric
Power Development
Co. Ltd. of 2018
600000000
24/08/
2018
180 days 600000000 607740000 2912055 610652055 0
Fourth batch of
short-term financing
bonds issued by
Guangdong Electric
Power Development
Co. Ltd. of 2018
500000000
27/12/
2018
152 days 500000000 500164110 6249041 506413151 0
First batch of
short-term financing
bonds issued by
Guangdong Electric
Power Development
Co. Ltd. of 2019
600000000
18/02/
2019
180days 600000000 600000000 6077918 606077918
Second batch of
short-term financing
bonds issued by
Guangdong Electric
Power Development
Co. Ltd. of 2019
600000000
24/05/
2019
180days 600000000 600000000 1711562 601711562
Total -- -- -- 2300000000 1107904110 1200000000 16950576 1117065206 1207789480
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Closing balance Opening balance
Pledged borrowings 3664700634 2552097471
Guarantee loan 1603859978 1550285000
Credit loans 12392435408 14699910193
Total 17660996020 18802292664
46.Bond payable
（1）Bond payable
In RMB
Items Closing balance Opening balance
12 Yudean Bond 0 40269409
The first issue of the medium-term note in 2018 798457333 798057333
Total 798457333 838326742
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual
capital securities that classify as financial liability
In RMB
Name of the
bond
Book
value
Issue
date
Period
Issue
amount
Opening
balance
The
current
issue
Withdraw
interest at
par
Overflow
discount
amount
Pay in
current
period
Other
Closing
balance
12 Yudean Bond 40306500 2013/3/18 7years 1200000000 40269409 997586 15154 -40284563 0
The first issue of
the medium-term
note in 2018
800000000 2018/8/27 3 years 800000000 798057333 16760000 400000 798457333
Total -- -- -- 2000000000 838326742 17757586 415154 -40284563 798457333
(3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
47. Lease liability
Not applicable
48. Long-term payable
In RMB
Items Closing balance Opening balance
Long-term payable 2188024740 2221230656
Special payable 79553358 90282593
Total 2267578098 2311513249
(1) Long-term payable listed by nature of the account
In RMB
Items Closing balance Opening balance
Financing lease 2098024740 2131230656
Share repurchase payable 90000000 90000000
（2）Specific payable
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Supporting funds for
expansion
24960000 24960000
Special fund for supply of
water power and heat and
property management
65322593 15128125 25857360 54593358
Total 90282593 15128125 25857360 79553358 --
49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Closing balance Opening balance
II. Termination benefits 71450993 87394930
III. Other Long-term benefits 35976019 35518458
Total 107427012 122913388
50. Estimates liabilities
Not applicable
51. Deferred income
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Government subsidy 133043646 280000 582942 132740704
Total 133043646 280000 582942 132740704 --
Total 142520263 0 2073849 140446414 --
Details of government subsidies：
In RMB
Items
Beginning of
term
New
subsidy in
current
period
Amount
transferred
to
non-operat
ional
income
Other
income
recorded
in the
current
period
Amount
of cost
deducted
in the
current
period
Other
chang
es
End of term
Asset-related
orincome-rel
ated
Expansion on flow
reconstruction project
3625048 3625048
Related to
assets
Nitrogen reduction and
denitrification project
2276894 2276894
Related to
assets
Refurbishment on air preheated 2887651 2887651
Related to
assets
Shajiao A Zhenkou pump house 27806791 27806791
Related to
assets
Incentives for energy efficiency
of power plant by Dongguan city
8238437 8238437
Related to
assets
Sha A – 2016 central finance
energy saving fund
3528123 3528123
Related to
assets
Post rewarding subsidies for
ultra-low emissions of
designated account of special
fund in Maonan District of
Maoming in 2018
4066154 4066154
Related to
assets
Water-freshing project 923078 923078
Related to
assets
Circulating water pump special
fund for technological renovation
923077 923077
Related to
assets
1&2# Air preheater energy
saving project
923077 923077
Related to
assets
Comprehensive technology
upgrading for the energy saving
of 1&2# generator units turbine
9230769 9230769
Related to
assets
Energy saving funds 16750528 387877 16362651
Related to
assets
Government subsidies from the
financial treasury payment centre
of Qujiang District Shaoguan
2927354 85228 2842126
Related to
assets
Specific funds for denitrification
and energy saving reconstruction
of 300MW generator units.
1220014 109837 1110177
Related to
assets
2X600MW generator unit
ultra-low emission
transformation - technical
transformation for main auxiliary
equipment of turbine cold end
system and boiler
923077 923077
Related to
assets
2018 provincial special fund for
boosting economic development
as transferred by the Department
of Finance of Zhanjiang
112729 112729
Related to
assets
Special prize funds of recycle
economy and energy saving by
Shenzhen city
2460655 2460655
Related to
assets
Comprehensive technology
upgrading for the energy saving
of 1&2# generator units turbine
6912340 6912340
Related to
assets
Rewarding subsidies for science 732500 732500 Related to
and technology in 2018 assets
Incentive funds for construction
of large industrial enterprise
R&D institutions in Shanwei
3000000 3000000
Related to
assets
Second incentives for
comprehensive and typical
demonstration projects under
financial policies of energy
saving
7650000 7650000
Related to
assets
Dianbai Reshui wind power plant
project
3000000 3000000
Related to
assets
Tax rebate for domestic
equipment
14925350 14925350
Related to
assets
SASAC develops competition
funds
8000000 8000000
Related to
assets
Provincial Special Fund for
promoting High quality
Economic Development in 2019
280000 280000
Related to
assets
Total 133043646 280000 582942 132740704
52. Other non-current liabilities
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
Items Closing balance Opening balance
Capital injection 166405569 166405569
Total 166405569 166405569
Other notes
As at 30 June 2019 and December 31 2018 the Group’s subsidiary Yuejiang Power received a capital injection of
RMB 16405569 from minority shareholders. such capital injection was recorded in other non-current liabilities
as the registration for changes of business license had not been completed.On June 30 2019 the Group’s subsidiaries Yudean Yangjiang Offshore Wind Power Co. Ltd. (“Yangjiang WindPower”) and Qujie Wind Power respectively received capital injection of RMB 100000000( December 31 2018:
100000000)and RMB 50000000( December 31 2018: 50000000) from GEGC. The capital will be used for
Yangjiang Shapa offshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 31
December 2018 such capital injection was recorded in other non-current liabilities as the registration for changes
of business license had not been completed.
53.Stock capital
In RMB
Balance in
year-begin
Changed（+，-）
Balance in
year-end Issuance of
new share
Bonus shares
Capitalization
of public
reserve
Other Subtotal
Total of capital
shares
5250283986 5250283986
54. Other equity instruments
Not applicable
55. Capital reserves
In RMB
Items Year-beginning balance Increase in the current
period
Decrease in the current
period
Year-end balance
Share premium 4544074067 4544074067
Other capital reserves 2919327 2919327
Estimate Increase 119593718 119593718
Investment from Energy
Group
395000000 395000000
Transfer of original
institutional capital reserve
20785182 20785182
Enjoy the rights of
associated enterprise base on
share holding
20474592 20474592
Total 5102846886 5102846886
56.Treasury stock
Not applicable
57. Other comprehensive income
In RMB
Items
Year-beginni
ng balance
Amount of current period
Closing
balance
Amount
incurred
before
income tax
Less：Amount
transferred
into profit and
loss in the
current period
that recognied
into other
comprehensiv
e income in
prior period
Less：Prior
period included
in other
composite
income transfer
to retained
income in the
current period
Less：
Income tax
expenses
After-tax
attribute to
the parent
company
After-tax
attribute to
minority
shareholder
1. Other comprehensive
income that cannot be
reclassified in the loss
and gain in the future
550010133 76683443 19170861 57512582 607522715
A share in other
comprehensive income
of investee that cannot be
reclassified in the loss
and gain under the equity
method
21753244 21753244
Gains or losses on
changes in fair value of
available-for-sale
financial assets
528256889 76683443 19170861 57512582 585769471
Total other
comprehensive income
550010133 76683443 19170861 57512582 607522715
58. Special reserves
Not applicable
59. Surplus reserve
In RMB
Items Year-beginning balance Increase in the current
period
Decrease in the current
period
Year-end balance
Statutory surplus reserve 2711362444 117603557 2828966001
Optional surplus reserves 5122792699 294008893 5416801592
Total 7834155143 411612450 8245767593
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
end
5490006140 5713290735
After adjustments: Retained profits at the period
beginning
5490006140 5713290735
Add: Net profit attributable to owners of the
Company for the period
581569383 448833518
Less: Appropriation to statutory surplus reserve 117603557 69654691
Drawing discretionary surplus reserve 294008893 174136728
DrawingCommon risk provision 315017039 420022719
Other -36857
Retained profits at the period end 5344946034 5498273258
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control the affected beginning undistributed profits
are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income Business cost
In RMB
Items
Amount of current period Amount of previous period
Income Cost Income Cost
Main business 12744689154 11021172212 13769537895 12199733160
Other business 129492096 2971264 125447284 1123267
Total 12874181250 11024143476 13894985179 12200856427
Whether implemented new revenue guidelines?
□ Yes √No
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Urban construction tax 30241304 28091275
Education surcharge 23031039 13922867
Property tax 22352992 27082866
Land use tax 5461173 7021580
vehicle and vessel usage tax 83028 94146
Stamp tax 6314189 7610193
Environmental protection tax 3985003 6184766
Local Educational Surcharges 1876767 9171847
Other 19863 353025
Total 93365358 99532565
63.Sales expenses
In RMB
Items Amount of current period Amount of previous period
Business expense 913871 817279
Employee’s remuneration 11185482 6876798
Publicity Expenses 67665 92459
Depreciation expenses 110473 61663
Market transaction service charge 0 1806329
Other 567297 661602
Total 12844788 10316130
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 129857707 147444649
Depreciation expenses 23986049 21770448
Repair charge 2999404 1900338
Office expenses 3772065 4691502
Insurance expenses 1102110 1492619
Travel expenses 2674485 2432849
Board of directors 318139 372681
Entertainment expenses 1322204 1701606
Lawsuit expenses 363422 548624
Amortiation of Intangible assets 29404100 26304830
Consulting fee 507869 758257
Agency Charge 4272891 3353003
Tax fee 0 1211
Property Management 13258724 8534397
Fire guard fee 17319844 20205693
Health afforestation fees 3240225 4332777
Other 36485566 24949029
Total 270884804 270794513
65. R&D Expense
In RMB
Items Amount of current period Amount of previous period
R&D Expense 347523 912371
Total 347523 912371
66.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
Interest expenses
664009453 657904963
Interest income
-31661505 -29906705
Other 3048022 3120540
Total 635395970 631118798
67.Other income
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
Government subsidies related to assets 573598 2073849
Revenue from timely levy and refund of
VAT
5546395 4559728
Nansha annual headquarters enterprise
award 2017
0 9990000
VAT surcharge is refunded 32205414 0
Other 1147449 407182
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
method
273618214 272404985
Investment income from the disposal of
transactional financial assets
252763
Dividends earned during the holding period on
investments in other equity instrument
30580379
Hold the investment income during from
available-for-sale financial assets
18256500
Other 357107
Total 304451356 291018592
69.Net exposure hedging income
Not applicable
70. Gains on the changes in the fair value
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
Transactional financial assets 30626
Total 30626
71. Credit impairment loss
In RMB
Items Amount of the Current Term Amount of the Previous Term
Loss of bad debts in other receivables -22446
Loss of bad accounts receivable -500995
Total -523441
72. Losses from asset impairment
In RMB
Sources Amount of the Current Term Amount of the Previous Term
Gains/(Losses) on disposals of fixed assets 388507
Gains/(Losses) on disposals of Intangible
assets
73. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Government Subsidy 3087100
Insurance indemnity 346670 45458540 346670
Other 4946517 4063261 4946517
Total 5293187 52608901 5293187
Government subsidy reckoned into current gains/losses
Not applicable
74．Non-current expenses
In RMB
Items
Amount of current period Amount of previous period
The amount of non-operating
gains & lossed
Foreign donations 43072 550000 43072
Loss on obsolescence of
non-current assets
13971117 13971117
Fine for delaying payment 250472 395966 250472
Expenditure of "three supply
and one Industry"
Transformation Project
4775708 4775708
Other 1194327 868357 1194327
Total 20234696 1814323 20234696
75. Income tax expenses
（1）Income tax expenses
In RMB
Items
Amount of current period Amount of previous period
Current income tax expense 253874530 308558550
Deferred income tax expense 50134201 -2265559
Settlement difference adjustment 5827199 1474587
Total 309835930 307767578
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 1165689219
Income tax expenses calculated on legal / applicable tax rate 291553164
Impact of adjustment of income tax for prior periods 5827199
Income not subject to tax -37715103
Costs expenses and losses not deductible for tax purposes 1076349
Utilisation of deductible temporary differences and deductible
losses for which no deferred tax asset was recognised in previous
periods
1214885
Other 47879436
Income tax expenses 309835930
76. Other comprehensive income
Refer to the notes 57
77.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
Items Amount of current period Amount of previous period
Interest income 32169354 27629939
Government Subsidy 406900 20517100
Insurance indemnity 2818641 46053407
Rent income 8428819 4887200
Other 118405215 115162269
Total 162228929 214249915
(2)Other cash paid related to operating activities
In RMB
Items Amount of current period Amount of previous period
Sewage charges 0 1487368
Insurance expenses 43682878 18676033
Equipment cleaning and hygiene green fee 11124545 11320655
Transportation fee 11201658 11072669
Fire guard fee 16275293 16380176
Business fee 1805882 1787193
Agency Charge 4804268 3259329
Office Expense 3982263 5596884
Travel expenses 3857890 3334922
Rental fee 5804293 5065084
Enterprise publicity expenses 2001013 1714510
Information system maintenance 2842793 2475084
Water and electrical 20708798 12191809
R&D 352193 1481032
Property Management fee 11745589 14805188
Automobile cost 6557024 10861165
Union expenses 6093910 7710630
Other 198476811 112708713
Total 351317101 241928444
(3)Cash received related to other investment activities
Not applicable
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
In RMB
Items Amount of current period Amount of previous period
Yuejia Company paid the minority
shareholders capital
136080000
Total 136080000
78. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Items Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from
operating activities
-- --
Net profit 855853289 732919233
Depreciation of fixed assets oil and gas
assets and consumable biological assets
1861598620 1676623536
Amortization of intangible assets 30100103 27017578
Amortization of Long-term deferred
expenses
2063845 1673448
Loss on disposal of fixed assets intangible
assets and other long-term deferred assets
-388507
Financial cost 665863419 682245650
Loss on investment -304451356 -291018592
Decrease in deferred income tax assets -8186403 -10801782
Increased of deferred income tax liabilities 67050296 -388473
Decrease of inventories -330356725 -478765296
Decease of operating receivables 213746816 -590048116
Increased of operating Payable 750159897 2046464029
Net cash flows arising from operating
activities
3803441801 3795532708
II. Significant investment and financing
activities that without cash flows:
-- --
III．Movement of cash and cash equivalents： -- --
Ending balance of cash equivalents 5196622875 5928583780
Less: Beginning balance of cash equivalents 5570382892 4996580490
Net increase of cash and cash equivalents -373760017 932003290
(2) Net Cash paid of obtaining the subsidiary
Not applicable
(3) Net Cash receive of disposal of the subsidiary
Not applicable
（4）Composition of cash and cash equivalents
In RMB
Items Balance in year-end Balance in year-Beginning
I. Cash 5196622875 5570382892
Including：Cash at hand 42282 31413
Demand bank deposit 5196580593 5570351479
III. Balance of cash and cash equivalents at
the period end
5196622875 5570382892
79. Note of statement of changes in the owner's equity
Not applicable
80. The assets with the ownership or use right restricted
In RMB
Items Closing book value Causation of limitation
Monetary funds 3111720
Total balance of bond deposits and
restricted carbon emission accounts in
performance guarantees
Fixed assets 1583671996 Financial leased fixed assets.
Account receivable 297273413 Long-term loans mortgage assets
Construction in process 1231242021
Unit construction financing Electricity bill
pledge the transferor
Total 3115299150 --
81. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Items
Closing foreign currency
balance
Exchange rate
Closing convert to RMB
balance
Monetary capital -- -- 12565
Including：USD 179 6.8747 1232
Euro
HKD 12883 0.8797 11333
Account receivable -- --
Including：USD
Euro
HKD
Long –term borrowings -- -- 68514280
Including：USD 9453137 6.8747 64987478
Euro 451171 7.8170 3526802
HKD
Long-term loans due within one
year
7754527
Including：USD 949568 6.8747 6527994
Euro 156906 7.8170 1226533
HKD
(2) Note to overseas operating entities including important overseas operating entities which should be disclosed
about its principal business place function currency for bookkeeping and basis for the choice. In case of any
change in function currency the cause should be disclosed.
□ Applicable √ Not applicable
82. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
Items Amount Project
Amount included in current
profit and loss
Funds for technical
transformation of
provincial-level industrial and
information development
special funds in 2017
573598 Other income 573598
VAT collected and refunded
immediately
5546395 Other income 5546395
Special allocation for energy
conservation
20000 Other income 20000
VAT surtax refund 32205414 Other income 32205414
Other 1127449 Other income 1127449
Total 39472856 39472856
（2）Government subsidy return
□ Applicable √ Not applicable
VIII. Changes of merge scope
1. Business merger not under same control
Not applicable
2. Business combination under the same control
Not applicable
3. Counter purchase
Not applicable
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes √No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
5. Other reasons for the changes in combination scope
Newly established subsidiary：
Subsidiary Main operation Registered place
Business
nature
Registered
capital
shareholding
ratio
Acquired
way
Guangdong Yudean
Binhai Bay Energy Co.
Ltd.
Dongguan
Guangdong
Dongguan
Guangdong
Electric
power
30000000 100% Establish
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Subsidiary Main operation Registered Business Share-holding Acquired way
place nature ratio
Directly
Indirect
ly
Maoming Zhenneng Maoming Maoming
Electric
46.54% Establish
Jianghai Power Jieyang Jieyang Electric 65 % Establish
Zhangjiang Wind Power Zhanjiang Zhangjiang
Electric
70 % Establish
Anxin Electric Power Maintenance Dongguan Dongguan Electric 100 % Establish
Humen Power Dongguan Dongguan Electric 60 % Establish
Bohe Electric Power Maoming Maoming
Electric
67 % Establish
Yuheng Electronic Zhanjiang Zhanjiang Electric 76 %
Business combination
under common control
Xuwen Wind Power Zhangjiang Zhanjiang
Electric
70 % Establish
Huadu Natural gas Guangzhou Guangzhou Electric 65 % Establish
Dapu Power Meizhou Meizhou
Electric
100 % Establish
Leizhou Wind Power Leizhou Leizhou Electric 80 % 14 % Establish
Dianbai Wind Power Maoming Maoming
Electric
100 % Establish
Zhanjiang Power Zhangjiang Zhangjiang Electric 76 %
Business combination
under common control
Yuejia Power Meizhou Meizhou
Electric
58 %
Business combination
under common control
Yuejiang Power Shaoguan Shaoguan Electric 90 %
Business combination
under common control
Zhongyue Energy Zhanjiang Zhanjiang
Electric
90 %
Business combination
under common control
Electric sales Guangzhou Guangzhou Electric 100 % Establish
Qujie Wind Power Zhanjiang Zhanjiang
Electric
100 % Establish
Yangjiang Wind Power Yangjiang Yangjiang Electric 100 % Establish
Lincang Energy Lincang Lincang
Electric
100 %
Business combinations
involving enterprises not
under common control
Guangqian Electric Power Shenzhen Shenzhen Electric 100 %
Business combination
under common control
Huizhou Natural gas Huizhou Huizhou
Electric
67 %
Business combination
under common control
Pinghai Power Plant Huizhou Huizhou
Electric
45 %
Business combination
under common control
Shibeishan Wind Power Jieyang Jieyang Electric 70 %
Business combination
under common control
Red Bay Power Shanwei Shanwei
Electric
65 %
Business combination
under common control
Guangdong Wind Power Guangzhou Guangzhou Electric 100 %
Business combinations
involving enterprises not
under common control
Tongdao Company
Huaihua
Hunan
Huihua Electric 100 % Establish
Pingyuan Wind power Meizhou Meizhou Electric 100 % Establish
Heping Wind power Heyuan Heyuan
Electric
100 % Establish
Huilai Wind Power Jieyang Jieyang
Electric
83.33%
Business combinations
involving enterprises not
under common control
Hongrui Technology Shaoguan Shaoguan
Electric
90 % Establish
Yongan Natural gas Zhaoqing Zhaoqing
Electric
90 % Establish
Xupu Yuefeng
Huaihua
Hunan
Xupu Huaihai
Hunan
Electric
100 % Establish
Wuxuan Yuefeng Guangxi
Wuxuan
Guangxi
Electric
100 % Establish
Pingdian Comprehensive Huizhou Huizhou
Electric
45 % Establish
Guangdong Yudean Zhencheng Energy
Co. Ltd.
Maoming Maoming
Electric
37.23% Establish
Zhuhai Wind Power Zhuhai Zhuhai
Electric
100 % Establish
Binhai New Energy Dongguan Dongguan Electric 100 % Establish
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to the
agreement between Yudean and Huaxia Electric which holds 40% share interest in Pinghai Power the delegated
shareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising their
voting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding of
Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also maintain
consensus with those of the Company when exercising their voting rights during shareholder and board meeting.On account of the above facts with the control power of Pinghai Power Huaxia Electric enjoys variable returns
through involving in its relevant activities and has the ability to make use of its power to influence the amount of
returns. Therefore the Company owns the control power over Pinghai Power.
On 30 November 2018 Maoming Zhenneng merged Maoming Thermal wholly-owned by GEGC. After the
merger GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Company
and GEGC the delegated shareholder and director from GEGC maintain consensus with those of the Company
while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at
Maoming Zhenneng. Therefore the Company owns control power over Maoming Zhenneng. In addition pursuant
to the consent agreement entered into between the Company and GEGC the Company holds 61.33% voting rights
in Zhencheng Comprehensive a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore
the Company owns control power over Zhencheng Comprehensive
（2）Significant not wholly-owned subsidiaries
In RMB
Name
Holding proportion of
non-controlling interest
Profit or loss attributable
to non-controlling
interest
Dividend declared to
non-controlling interest
Closing balance of
non-controlling interest
Jinghai Power 35 % 43192545 37316905 1234127732
Zhanjiang Power 24 % 34962850 29388829 986647334
Huizhou Natural gas 33 % 32694998 76897073 608291148
Pinghai Power plant 55 % 114786078 80823689 1166774436
Red Bay 35 % 62097368 58421446 1159380732
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Subsidiari
es
Closing balance Beginning balance
Current
assets
Non-curr
ent assets
Total
assets
Current
liabilities
Non-curr
ent
Liabilitie
s
Total
liabilities
Current
assets
Non-curr
ent assets
Total
assets
Current
liabilities
Non-curr
ent
Liabilitie
s
Total
liabilities
Jinghai
Power
9679464
46
7739500
918
8707447
364
2306788
110
2874580
021
5181368
130
1204643
294
7994284
373
9198927
667
2607699
843
3081936
132
5689635
975
Zhanjiang
Power
3050560
963
1415766
704
4466327
667
33545652
1
19840590
35529711
1
2970589
465
1477137
298
4447726
762
33210896
6
27812324
35992129
0
Huizhou
Natural
gas
6699974
52
3428335
455
4098332
907
85620235
1
1398824
047
2255026
398
70224288
9
3486104
916
4188347
804
81653561
2
1394560
000
2211095
612
Pinghai
Power
plant
1336920
821
4317155
686
5654076
507
1241850
241
2290818
202
3532668
443
1213521
627
4504301
231
5717822
858
1167600
035
2490564
556
3658164
591
Red Bay
9107678
94
5534654
079
6445421
973
1530980
757
1601924
840
3132905
597
94304692
4
5759863
814
6702910
738
1582252
157
1818644
840
3400896
997
In RMB
Subsidiaries
Current term Last term
Operating
revenue
Net profit
Total
comprehensive
income
Cash flow
from
operating
activities
Operating
revenue
Net profit
Total
comprehensive
income
Cash flow
from
operating
activities
Jinghai
Power
2001094521 123407270 123407270 896075553 2554248635 89849281 89849281 622618317
Zhanjiang
Power
838699914 145678540 145678540 200115171 1078438774 96981054 96981054 218826214
Huizhou
Natural gas
1803498057 99075750 99075750 241821580 819208378 157838111 157838111 437818955
Pinghai
Power plant
1493690021 208701960 208701960 534843205 1859200437 283060847 283060847 268101867
Red Bay 1806352342 177421053 177421053 318628249 2130697649 133881934 133881934 403607731
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Not applicable
(5) Provide financial support or other support for structure entities incorporate into the scope of
Not applicable
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
Not applicable
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Name of
Subsidiary
Main Places of
Operation
Registration
Place
Nature of
Business
Shareholding Ratio (%) Obtaining
Method direct indirect
Joint ventures：
Industry Fuel Guangzhou Guangzhou Fuel trade 50 % Equity method
Associates ：
Yudean Finance Guangzhou Guangzhou Finance 25 % Equity method
Shanxi Yudean
Enerty
Taiyuan Taiyuan Coal investment 40 % Equity method
Taishan Power
Generation
Taishan Taishan Electric 20 % Equity method
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 3034818060 2925805788
Including ：Cash and cash equivalent 579560307 1358381277
Non-current assets 228312934 229601671
Total of assets 3263130994 3155407459
Current liabilities 2114867550 1948258211
Non current liabilities 750000 750000
Total liabilities 2115617550 1949008211
Attributable to shareholders of the parent
company
1147513444 1206399248
Share of net assets calculated by stake 573756722 603199624
Adjustment Items -614728
Book value of equity investment in joint
venture
573756722 602584896
Business income 8564566924 12060789171
Financial expenses -2556396 3124608
Income tax 26149965 27987136
Net profit 78449896 82556997
Total comprehensive income 78449896 82556997
Dividends received from the joint venture
this year
68053122 75493986
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Yudean Finance Shanxi Energy
Taishan Power
Generation
Yudean Finance Shanxi Energy
Taishan Power
Generation
Current assets 5741906849 382020843 1430697799 8618449490 237368764 999098037
Non-current assets 13736545586 3697020812 9775932428 13958043611 3605637997 12126348269
Total of assets 19478452435 4079041655 11206630227 22576493101 3843006761 13125446306
Current liabilities 16673892676 108496833 2501716719 19713970097 55783287 2373171787
Non-current
liabilities
0 185958861 400000000 185614684 905200000
Total liabilities 16673892676 294455693 2901716719 19713970097 241397971 3278371787
Minority
shareholder Equity
0 1148421 1029541 0 1134674 1029541
Attributable to
shareholders of the
parent company
2804559759 3783437540 10177422165 2862523004 3600474115 9846044978
Share of net assets
calculated by stake
705322585 1513375176 2035484433 715630751 1440189807 1969208996
--Goodwill 13325000 13325000
Book value of
equity investment
in associates
718647585 1513375176 2035484433 728955751 1440189807 1969208996
Business income 359366978 3986327 2951909787 353187954 786668 4256108141
Net profit 215194176 282977172 421427601 226957586 277283881 498549464
Total
comprehensive
income
215194176 282977172 421427601 226957586 277283881 498549464
Dividends received
from the
associated
enterprise this
year
64106710 40000000 57221066 4000000
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture: -- --
The total number of the following -- --
Associated enterprise： -- --
Total investment book value 1596755878 1599930118
The total number of the following -- --
--Net profit -2400408 -18107558
Total comprehensive income -2400408 -18107558
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
Not applicable
(6) The excess loss of joint venture or associated enterprise
Not applicable
(7) The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investment
Not applicable
4. Significant common operation
Not applicable
5. Equity of structure entity not including in the scope of consolidated financial statements
Not applicable
6.Other
Not applicable
X.Risk related to financial instruments
Not applicable
XI. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured by fair value
In RMB
Items
Ending fair value
First-order Second-order Third-order Total
I. Consistent fair value
measurement
-- -- -- --
（1）Transactional financial
assets
37203 37203
1. Financial assets measured
at fair value and whose
changes are recorded in
current period profit and
losses
37203 37203
（2）Equity instrument
investment
37203 37203
（3）Other equity instrument
investment
1720652013 1720652013
Total assets continuously
measured at fair value
1720689216 1720689216
II. Non –persistent measure -- -- -- --
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure
sustaining and non-persistent on second-order
Not applicable
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
Not applicable
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
Not applicable
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
happens among consistent fair value measurement items at different levels
Not applicable
7. Changes in the valuation technique in the current period and the reason for change
Not applicable
8. Fair value of financial assets and liabilities not measured at fair value
Not applicable
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
Parent company name
Registration
place
Nature Registered capital
Share ratio of parent
company against the
company(%)
Vote right ratio of
parent company
against the
company(%)
Guangdong Energy
Group
Guangzhou
Power plant operating
electricity assets
management electricity
generation
23000000000 67.39% 67.39%
Explanation on parent company of the enterprise
On August 8 2001 Guangdong Provincial Government had taken the lead in the implementation of the reform of
electric power system. Guangdong Electric power Group was established by inheriting the electricity generation
business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion with 76%
stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group
owning more than 13000 staff now and the company is the strongest
On February 18 2019 With the approval of the state-owned assets supervision and administration commission of
the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision
administration the former Guangdong GuangDong Energy Group Co. Ltd. was renamed as Guangdong Energy
Group Co. Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Govemment state owned assets supervision
and Administration Commission.
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.3.Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or
occurred in pervious period：
Name Relationship
Industry Fuel Joint venture
Guangdong Yudean Finance Associate
Guangdong Yudean Shipping Associate
4.Other related party
Other related party Relationship with the Enterprise
Yudean Environmental protection Controlled by Energy Group
Yudean Property Controlled by Energy Group
Huangpu Electric Power Engineering Controlled by Energy Group
Yangjiang Port Controlled by Energy Group
Yudean Real Estate Controlled by Energy Group
Yudean Information Technology Controlled by Energy Group
Huangpu Yuehua Huma resources Controlled by Energy Group
Yudean Natural gas Controlled by Energy Group
Yudean Finance lease Controlled by Energy Group
Yudean Changtan Power Generation Controlled by Energy Group
Zhuhai Jinwan Controlled by Energy Group
Yudean New Energy Controlled by Energy Group
Yunhe Power Generation Controlled by Energy Group
Yuelong Power Generation Controlled by Energy Group
Guanghe Electric Power Controlled by Energy Group
Yudean Menghua New Energy Controlled by Energy Group
Zhongshan Thermal power plant Controlled by Energy Group
Shenzhen Tianxin Controlled by Energy Group
Qujiang New Energy Controlled by Energy Group
The Group Controlled by Energy Group
Yudean Insurance Captive Controlled by Energy Group
Yuehua Power Generation Controlled by Energy Group
Shajiao C Plant Controlled by Energy Group
Xinhui Power plant Controlled by Energy Group
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Related party Content Current amount
Approval
trading limit
Whether over the
trading limit(Y/N)
Last amount
Fuel Company Fuel purchase 5927855461 No 7135671591
Yudean Natural gas Fuel purchase 1032808240 No 38228155
Yudean Environment Protection Material purchase 83714919 No 74236581
Yudean Property Management
Acceptance of
management services
7091341 No 12018032
Yudean Real estate
Acceptance of rental
services
3455180 No 27293
Yangjiang Port
Acceptance of tugboat
services
2945775 No 3910865
Guangzhou Huangpu Electric
Power Engineering Co. Ltd.Maintenance services 2703922 No 5023823
Yudean Information
Acceptance of
management services
1041073 No 1103961
Yudean Shipping
Acceptance of tugboat
services
8252359
Huangpu Yuehua Human services 2925678
Yudean Finance lease Leasing service 194654
Yudean Changtan Power
Generation
Acceptance of
management services
226415
Maoming Thermal power plant Leasing service 595944
Shaoguan Power Generation Leasing service 24000
Zhuhai Jinwan Electric purchase 51778472 No 51056560
Guanghe Electric Power Electric purchase 44918434 No 54456828
Yunhe Power Generation Electric purchase 24292659 No 26020204
Yuehua Power Generation Electric purchase 10509583 No 25056294
Yuelong Power Generation Electric purchase 10007613 No 17468048
Xinhui Power Generation Electric purchase 3230849 No
Zhongshan Thermal power plant Electric purchase 1706351 No
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment Protection Sale of Material 94544225 52048796
Shajiao C plant
Providing maintenance
services
11062339 6794858
Yunhe Power Generation
Providing maintenance
services
6745533 12374579
Xinhui Power Generation Service 2880388
Zhuhai Jinwan Power
Generation Co. Ltd.Providing maintenance
services
2934438
Yudean New Energy Service 7518
Yudean Shipping Leasing service 21622
Notes
The amount of electricity purchased shall be determined according to the downward price difference of the first
on-grid electricity price and the amount of electricity purchased as agreed by the power sales company and the
related power plants.
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Name of the
employer
Name of the
undertaker
Asset situation of
the undertaker
Start date Terminating date Pricing basis
Gains from the
deal in report
period
Notes
Lists of entrust/contracted
In RMB
Name of the
entrusted/contract
ed
Name of the
entrusted/
contractor
Type Initial date Due date Pricing basis
Charge
recognized in the
reporting period
Notes
(3) Information of related lease
The company as lessor:
In RMB
Name of lessee Category of leased assets The lease income confirmed in The lease income confirmed in
this year last year
Shipping Company Property Leasing 21622
The Company was lessee：
In RMB
Lessor Category of leased assets
The lease income confirmed in
this year
Category of leased assets
Yudean Real Estate Leasing service 3455180 27293
Maoming Thermal power plant Leasing service 595944
Shaoguan Power Generation
Plant
Leasing service 24000
Yudean Finance lease Equipment leasing 33718740 194654
Notes
Based on the Framework Agreement on Financial Lease between the Company and Yudean Leasing Yudean
Leasing is committed to offering the Group a credit line of less than RMB 500 million which is reusable during
the one-year agreement period. As at 30 June 2019 the balance of Bohe Coal’s long-term payables of finance
lease through leaseback was RMB 906843821 (December 31 2018: 906981377 ) and its interest expenses
recorded in construction in progress was RMB 28009750 (December 31 2018: 25860877 l); the balance of
Qujie Wind Power’s long-term payables of finance lease was RMB 324398200 (December 31 2018:
240830581) and the interest expenses recorded in construction in progress amounted to RMB 5708990
((December 31 2018: ：2469636
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Guarantor Guarantee amount Start date End date
Execution accomplished
or not
As a secured party for the company
In RMB
Guarantor Guarantee amount Start date End date
Execution accomplished
or not
Energy Group 1500000000 August 14 2013 August 132022 No
(5) Inter-bank lending of capital of related parties：
In RMB
Related party
Amount borrowed and
loaned
Initial date Due date Notes
Borrowed
Guangdong Yudean
Finance Co. Ltd.
30000000 June 202019 June 192020
Guangdong Yudean
Finance Co. Ltd.
100000000 July 22018 July 12019
Guangdong Yudean
Finance Co. Ltd.
150000000 July 132018 July 122019
Guangdong Yudean
Finance Co. Ltd.
100000000 July 232018 July 222019
Guangdong Yudean
Finance Co. Ltd.
100000000 October 122018 Oct5ober 112019
Guangdong Yudean
Finance Co. Ltd.
200000000 December 142018 December 132019
Guangdong Yudean
Finance Co. Ltd.
150000000 April 222019 April 212020
Guangdong Yudean
Finance Co. Ltd.
150000000 May 222019 May 212020
Guangdong Yudean
Finance Co. Ltd.
200000000 June 102019 June 92020
Guangdong Yudean
Finance Co. Ltd.
50000000 November 122014 October 272029
Guangdong Yudean
Finance Co. Ltd.
75000000 December 102014 October 272029
Guangdong Yudean
Finance Co. Ltd.
100000000 February 42015 October 272029
Guangdong Yudean
Finance Co. Ltd.
45000000 June 172015 October 272029
Guangdong Yudean
Finance Co. Ltd.
25000000 July 232015 October 272029
Guangdong Yudean
Finance Co. Ltd.
24000000 September 152015 October 272029
Guangdong Yudean
Finance Co. Ltd.
30000000 September 282015 October 272029
Guangdong Yudean
Finance Co. Ltd.
19000000 October 132015 October 272029
Guangdong Yudean
Finance Co. Ltd.
144500000 December 162015 October 272029
Guangdong Yudean
Finance Co. Ltd.
12000000 June 202018 October 272029
Guangdong Yudean
Finance Co. Ltd.
17000000 September 202018 October 272029
Guangdong Yudean
Finance Co. Ltd.
100000000 June 192017 June 182020
Guangdong Yudean
Finance Co. Ltd.
100000000 August 312018 August 302019
Guangdong Yudean
Finance Co. Ltd.
70000000 October 302018 October 292019
Guangdong Yudean
Finance Co. Ltd.
40000000 November 22018 November 12019
Guangdong Yudean
Finance Co. Ltd.
40000000 November 62018 November 52019
Guangdong Yudean
Finance Co. Ltd.
40000000 December 52018 December 42019
Guangdong Yudean
Finance Co. Ltd.
40000000 December 62018 December 52019
Guangdong Yudean
Finance Co. Ltd.
40000000 December 72018 December 62019
Guangdong Yudean
Finance Co. Ltd.
30000000 December 102018 December 92019
Guangdong Yudean
Finance Co. Ltd.
25000000 December 112018 December 102019
Guangdong Yudean
Finance Co. Ltd.
30000000 May 232019 May 222020
Guangdong Yudean
Finance Co. Ltd.
83460211.69 May 312019 August 302019
Guangdong Yudean 150000000 December 102018 December 92019
Finance Co. Ltd.
Guangdong Yudean
Finance Co. Ltd.
10000000 December 132018 December 122019
Guangdong Yudean
Finance Co. Ltd.
140000000 March 6 2019 March 52020
Guangdong Yudean
Finance Co. Ltd.
50000000 March 112019 March 102020
Guangdong Yudean
Finance Co. Ltd.
30000000 May 102019 May 92020
Guangdong Yudean
Finance Co. Ltd.
50000000 May 202019 May 192020
Guangdong Yudean
Finance Co. Ltd.
20000000 May 302019 May 292020
Guangdong Yudean
Finance Co. Ltd.
100000000 June 102019 June 92020
Guangdong Yudean
Finance Co. Ltd.
80000000 June 272019 June 262020
Guangdong Yudean
Finance Co. Ltd.
200000000 December 272018 December 262020
Guangdong Yudean
Finance Co. Ltd.
100000000 January 252019 June 252020
Guangdong Yudean
Finance Co. Ltd.
150000000 January 242019 June 252020
Guangdong Yudean
Finance Co. Ltd.
100000000 December 132018 December 122019
Guangdong Yudean
Finance Co. Ltd.
300000000 December 212018 December 202019
Guangdong Yudean
Finance Co. Ltd.
100000000 October 162014 October 132029
Guangdong Yudean
Finance Co. Ltd.
100000000 April 42019 April 32020
Guangdong Yudean
Finance Co. Ltd.
100000000 April 122019 April 112020
Guangdong Yudean
Finance Co. Ltd.
50000000 April 262019 April 252020
Guangdong Yudean
Finance Co. Ltd.
100000000 May 102019 May 92020
Guangdong Yudean
Finance Co. Ltd.
50000000 May 222019 May 212020
Guangdong Yudean
Finance Co. Ltd.
100000000 May 272019 May 262020
Guangdong Yudean
Finance Co. Ltd.
310805849 December 252013 December 242028
Guangdong Yudean
Finance Co. Ltd.
240000000 December 62007 December 52025
Guangdong Yudean
Finance Co. Ltd.
100000000 December 102018 December 92019
Guangdong Yudean
Finance Co. Ltd.
100000000 December 192018 December 182019
Guangdong Yudean
Finance Co. Ltd.
30000000 March 122019 March 112020
Guangdong Yudean
Finance Co. Ltd.
50000000 March 192019 March 182020
Guangdong Yudean
Finance Co. Ltd.
50000000 April 122019 April 112020
Guangdong Yudean
Finance Co. Ltd.
50000000 May 132019 May 122020
Guangdong Yudean
Finance Co. Ltd.
20000000 June 32019 June 22020
Guangdong Yudean
Finance Co. Ltd.
180000000 June 142019 June 132020
Guangdong Yudean
Finance Co. Ltd.
120000000 March 292019 October 232019
Guangdong Yudean
Finance Co. Ltd.
50000000 June 282019 December 242019
Guangdong Yudean
Finance Co. Ltd.
632991.90 June 262019 June 252039
Guangdong Yudean
Finance Co. Ltd.
53500000 February 112015 February 102033
Guangdong Yudean
Finance Co. Ltd.
26000000 July 232018 July 222033
Guangdong Yudean
Finance Co. Ltd.
50000000 November 252018 December 32019
Guangdong Yudean
Finance Co. Ltd.
20000000 August 132018 August 122019
Guangdong Yudean
Finance Co. Ltd.
20000000 August 292018 August 282019
Guangdong Yudean
Finance Co. Ltd.
20000000 September 142018 September 132019
Guangdong Yudean
Finance Co. Ltd.
15000000 December 172018 December 162019
Guangdong Yudean
Finance Co. Ltd.
10000000 March 182019 March 172020
Guangdong Yudean
Finance Co. Ltd.
15000000 May 82019 May 72020
Guangdong Yudean
Finance Co. Ltd.
10000000 May 102019 May 82020
Guangdong Yudean
Finance Co. Ltd.
15000000 May 312019 May 292020
Guangdong Yudean
Finance Co. Ltd.
5000000 June 42019 June 32020
Guangdong Yudean
Finance Co. Ltd.
5000000 June 62019 June 52020
Guangdong Yudean
Finance Co. Ltd.
10000000 June 122019 June 112020
Guangdong Yudean
Finance Co. Ltd.
10000000 June 172019 June 162020
Guangdong Yudean
Finance Co. Ltd.
5000000 June 202019 June 192020
Guangdong Yudean
Finance Co. Ltd.
7842000 March 242014 March 102031
Guangdong Yudean
Finance Co. Ltd.
8540000 April 242014 March 102031
Guangdong Yudean
Finance Co. Ltd.
34250000 June 242014 March 102031
Guangdong Yudean
Finance Co. Ltd.
27940000 July 192014 March 102031
Guangdong Yudean
Finance Co. Ltd.
17090000 December 192016 March 102031
Guangdong Yudean 37720000 June 282017 March 102031
Finance Co. Ltd.
Guangdong Yudean
Finance Co. Ltd.
17448000 February 12018 March 102031
Guangdong Yudean
Finance Co. Ltd.
8000000 July 132018 March 102031
Guangdong Yudean
Finance Co. Ltd.
10050000 September 262018 March 102031
Guangdong Yudean
Finance Co. Ltd.
15000000 January 112019 March 102031
Guangdong Yudean
Finance Co. Ltd.
15390000 March 152019 March 102031
Guangdong Yudean
Finance Co. Ltd.
21510000 April 122019 March 102031
Guangdong Yudean
Finance Co. Ltd.
35490000 June 102019 March 102031
Guangdong Yudean
Finance Co. Ltd.
45450000 June 192019 March 102031
Loaned
(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Rewards for the key management
personnel
3321082 3039268
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2019 the common expenses received by the Group from Shajiao C was RMB1260423.( In the
first half of 2018 the common expenses received by the Group from Shajiao C was RMB1930694)
(b) Interest income
In RMB
Items Amount of current period Amount of previous period
Deposit interest of Yudean 23802960 26032498
Proportion(%) 73.99% 87.14%
(c)Interest expense
In RMB
Items
Amount of current period Amount of previous period
Loan interest paid to Yudean Finance 118174115 160324500
Discount interest on Yudean Finance 14987476 9294260
Proportion % 20.04% 25.81%
(d)Joint Investment
Attributable to Yudean Proportion %
Maoming Zhenneng 30.12%
Bohe Coal 33.00%
Yudean Finance 65.00%
Industry Fuel 50.00%
Shanxi Energy 60.00%
Capital Company 51.00%
West Investment 35.00%
Yudean Shipping 65.00%
6. Payables and receivables of the related party
（1）Receivables
In RMB
Project Related parties
At end of term At beginning of term
Book balance Bad debt provision Book balance Bad debt provision
Moentary funds
Guangdong Yudean
Finance Co. Ltd.
4915764758 4978118712
Account receivable
Xinhui Power
Generation
3254838
Account receivable
Yunhe Power
Generation
2857263 2817688
Account receivable Shajiao C plant 867996 10466023
Account receivable Yudean New Energy 1062659
Account receivable
Huizhou New
Energy
273740
Account receivable
Yulong Power
Generation
18000
Other account
receivable
Yudean
Environmental
protection
94790847 54456181
Other account
receivable
Shajiao C plant 2789509 1663292
Other account
receivable
Yudean Real Estate 1470258 1267802
Other account
receivable
Yudean Property 461196 543732
Other account
receivable
Yunhe Power
Generation
358400
Other account
receivable
Capital Company 267660
Other account
receivable
Xinhui Power
Generation
549900
Interest receivable Yudean Finance 22897739 18856569
Advance payment; Industry Fuel 523735826 547209560
Advance payment Yudean Natural gas 44552246
Advance payment Tianxin Insurance 1728914
Advance payment Capital Company 1016321
Advance payment
Information
technology
762736
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Account payable Industry fuel 1814337311 1449619847
Account payable
Yudean Environmental
Protection
44567624 34526337
Account payable Yudean Property 2279764
Account payable
Huangpu Yuehua Human
Resources
616250 286313
Account payable Technology Company 282900
Other payable
Yudean Environmental
Protection
1328334 1414106
Other payable
Huangpu Electric Power
Engineering
1051206 4818353
Other payable Yudean Shipping 920000 5312830
Other payable Shenzhen Tianxin 70000 70000
Other payable Yudean Information Technology 66768 1130960
Other payable Qujiang Yudean New Energy 9000
Other payable Yuehua Power Generation 58000000
Other payable Yudean Property 7730098
Other payable
Huangpu Yuehua Human
Resources
1622290
Other payable Yudean Capital 400000
Interest payable Yudean Finance 24159081 13356633
Interest payable Yudean Leasing 2823933 2167970
Note payable Yudean Finance 823460212 653161107
Short-term loan Yudean Finance 4890000000 5042000000
Non-current liability due in 1
year
Yudean Finance 4000000 143919490
Long-term loan Yudean Finance 3112263365 2833766371
Long-term payable Yudean Leasing 1467054556 1147811958
7. Related party commitment
Not applicable
8.Other
Not applicable
XIII. Stock payment
Not applicable
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(a) At the eleventh meeting of the seventh board of directors held in 2012 the Company deliberated and passed
the Proposal on Wholly-owned Formation of Guangdong Yudean Dabu Power Generation Co. Ltd. in order to
smoothly promote the follow-up work of the Dabu power plant project and the Board of Directors of the
company agreed the wholly-owned formation of Guangdong Yudean Dabu Power Generation Co. Ltd. by us and
set up capital according to 20% of the total project investment of 5.52 billion yuan with a total capital investment
of 1.104 billion yuan. In the first half of 2019 our company increased capital by 40 million yuan to Dabu
Company. On June 30 2019 the Company has invested a capital of RMB 1040 million into Dabu Company.
(b) At the sixth meeting of the ninth Board of Directors held on October 29 2018 the Company deliberated and
passed the Proposal on Starting the Preliminary Work of the Zhanjiang Xinliao Offshore Wind Power Project in
order to vigorously promote the construction of the company's clean energy projects and build a large-scale
development pattern of offshore wind power projects and the Board of Directors agreed that Qujie Wind Power
Company a wholly-owned subsidiary of the Company should carry out the preliminary work of the Zhanjiang
Xinliao Offshore Wind Power Project at a cost of 48 million yuan. On June 30 2019 the Company has invested a
capital of RMB 20000000 into Qujie Wind Power.(c) At the fifth meeting of the ninth Board of Directors held on August 29 2018 the Company passed the
Proposal on Increasing Capital to Guangdong Wind Power Generation Co. Ltd. Huilai Wind Power plans to carry
out "demolishing the old and building the new" technological transformation of the Haiwanshi Wind Farm.Provincial Wind Power plans to increase its capital by 39 million yuan in full for the "demolishing the old and
building the new" technological transformation project of the Haiwanshi Wind Farm. In order to meet the demand
for technical renovation funds of the project the Board of Directors agreed that the company would increase the
capital by 39 million yuan to the Provincial Wind Power for the "demolishing the old and building the new"
technical renovation project of the Haiwanshi Wind Farm. On June 30 2019 the Company has increased its
capital by 39 million yuan for Provincial Wind Power.(d) The second communication meeting of the ninth Board of Directors in 2018 held by the Company on
September 19 2018 passed the Proposal on Participation in Capital Increase and Stock Enlargement of Shenzhen
Capital Group Co. Ltd. based on the voting results. In order to meet the strategic development needs of Shenzhen
Capital Group the SASAC of Shenzhen City agreed to increase the capital of 213034000 yuan to Shenzhen
Capital Group according to the 3.673% equity ratio of which 65135200 yuan was increased in 2018 and the
remaining 147898800 yuan will be paid within 2020. In the first half of 2019 our company increased its capital
to Shenzhen Capital by 78162240 yuan. On June 30 2019 the Company has paid 143297440 yuan.(e) The second communication meeting of the ninth Board of Directors in 2018 held on September 19
2018 deliberated and passed the Proposal on the Capital Increase and Stock Expansion of Guangdong Yudean
Bohe Coal and Electricity Co. Ltd. in order to promote the construction of the bohe coal and electricity
integration project and ensure the capital requirement for the protective resumption of work of the Bohe power
plant project and the Board of Directors agreed that Bohe Company a wholly-owned subsidiary of the Company
should carry out capital increase and stock expansion. The company and Guangdong Energy Group Co. Ltd.should increase capital to Bohe Company according to the target equity ratio of 67%:33% with a total capital
increase of 3.98 billion yuan and the Company needs to increase capital by 2.667 billion yuan. On June 30 2019
the Company has increased its capital by 603 million yuan.(f) At the third meeting of the ninth Board of Directors held on April 26 2018 the Company deliberated and
passed the Proposal on the Establishment of Zhuhai Jinwan Offshore Wind Power Project Company in order to
speed up the follow-up work of Zhuhai Jinwan offshore wind power project and the Board of Directors agreed to
set up Zhuhai wind power wholly by the wholly-owned subsidiary Provincial Wind Power which is responsible
for the investment development and construction of Zhuhai Jinwan offshore wind power project with an initial
capital of 65 million yuan. On December 31 2018 the company has invested RMB 65 million into Zhuhai Wind
Power. At the second communication meeting of the ninth Board of Directors in 2018 held on September 19 2018
it deliberated and passed the Proposal on Investment in the Construction of Zhuhai Jinwan Offshore Wind Farm
Project in order to further promote the large-scale development of the company's offshore wind power in
Guangdong Province and the southeast coast and the Board of Directors agreed to invest in Zhuhai Jinwan
Offshore Wind Farm Project. In the first half of 2019 the Company increased its capital to the Provincial Wind
Power by 200 million yuan. On June 30 2019 the Company has increased its capital by 265 million yuan.
2.Contingency
（1）Significant contingency at balance sheet date
（1）On June 30 2019 the Company provided joint and several liability guarantee for bank borrowings of RMB
9106000 for Yunnan Baoshan binglangjiang Hydropower Development Co. Ltd. which is in process.
（2）On June 30 2019 the Company provided joint liability guarantee for the investment of RMB71515472 in
Zhanjiang Wind Power. The bank loan of RMB 20000000 generated by the Company for Yuejiang Power was
held by the Company Provide joint liability guarantee.
(3) Pinghai Power Plant and three engineering contractors failed to complete the settlement due to settlement
disputes arising from the unit construction contract.a. On October 22 2018 one of the project contractors filed a lawsuit with the local municipal people's court
demanding Pinghai Power Plant to pay 165978408 yuan in extra project funds due to the modification of the
scope of the contract and 72478979 yuan in interest due to deferred payment.b. On January 8 2019 another engineering contractor sued Pinghai Power Plant in the local county-level
people's court demanding that Pinghai Power Plant pay 12080481 yuan in extra project funds due to
modification of the scope of the contract and 5554311 yuan in interest due to deferred payment.c. On July 8 2019 a third engineering contractor filed a lawsuit with the local municipal people's court
demanding Pinghai power plant to pay 89548053 yuan in extra project funds due to the modification of the scope
of the contract and 36526452 yuan in interest due to the deferred payment.
As of the date of issuance of this report due to the fact that the above litigation cases have not yet been heard
and the Group's management is unable to predict the outcome of the litigation after consulting legal counsel the
project funds and interest related to the above litigation have not been accrued in the 2019 semi-annual financial
statements.
（2）The Company have no significant contingency to disclose also should be stated
The was no significant contingency in the Company.3.Other
Not applicable
XV. Post-balance-sheet events
1. Significant events had not adjusted
Not applicable
2. Profit distribution
Not applicable
3. Sales return
Not applicable
4.Notes of ohter significant events
On July 8 2019 a project contractor filed a lawsuit with the local municipal people's court demanding Pinghai
Power Plant to pay 89548053 yuan in extra project funds due to modification of the scope of the contract and
36526452 yuan in interest due to deferred payment. Currently the management of the Group is unable to predict
the outcome of the litigation so it is temporarily unable to predict the impact of the matter on the financial
statements.XVI. Other significant events
1.The accounting errors correction in previous period
Not applicable
2. Debt restructuring
Not applicable
3. Replacement of assets
Not applicable
4. Pension plan
Not applicable
5.Discontinuing operation
Not applicable
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
(2) The financial information of reportable segment
In RMB
Items
Parent
Company
Jinghai
Power
Pinghai
Power
Red Bay
Maoming
Zhenneng
Zhanjiang
Power
Zhongyue
Energy
Other Partial offset Total
Main
Business
Income
9585572
56
1976843
440
1473073
065
1789107
085
62832611
4
82790269
0
72234156
5
43873593
47
-18821407
12744689
154
Main
Business
Cost
9774974
49
1722544
264
1127634
923
1459855
154
59432204
0
67384930
6
63923231
2
38679712
89
-36131581
11021172
212
Profit
Total
9293759
83
1645430
27
27989602
4
23656140
4
-1426140
6
17235466
0
1014284
15391640
6
-75801491
8
11656892
19
Assets
Total
2999427
5842
8707447
364
5654076
507
6445421
973
3106180
830
4466327
667
4201683
153
32238164
352
-21925838
956
72888042
485
Liability
Total
5657798
351
5181368
130
3532668
443
3132905
597
1806448
071
35529711
1
3301495
220
19991408
532
-22016695
07
40757719
948
(3) There was no reportable segment or the total amount of assets and liabilities of each part of reportable
segment shall disclose the reason.Not applicable
（4）Other notes
Not applicable
7. Other important transactions and events have an impact on investors’ decision-making
Not applicable
8.Other
Not applicable
XVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
Category
Closing balance Opening balance
Book balance Bad debt provision Book
value
Book balance Bad debt provision Book
value Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %
Of which：
Accrual of
bad debt
provision by
portfolio
225185789 100 % 21981 0.01% 225163808 264564281 100 % 26806 0.01% 264537475
Of which：
Low risk
portfolio
222987641 99.02% 222987641 261883617 98.99% 261883617
Other
protfolio
2198148 0.98% 21981 1 % 2176167 2680664 1.01% 26806 1 % 2653858
Total 225185789 100 % 21981 0.01% 225163808 264564281 100 % 26806 0.01% 264537475
Accrual of bad debt provision by single item:
Not applicable
Accrual of bad debt provision by portfolio:
Not applicable
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
√ Applicable □Not applicable
Bad debt provision Stage 1 Stage 2 Stage 3 Total
Expected credit losses
over the next 12
months
Expected credit loss over
life (no credit
impairment)
Expected credit
losses for the entire
duration (credit
impairment
occurred)
Balance as at January 1 2019 26806 26806
Balance as at January 1 2019
in current
- - - -
--Transferred into stage 2 -
-- Transferred into stage 3 -
--Reversal to stage 2 -
--Reversal to stage 1 -
Provision for the year - -
Reversal for the year 4825 4825
Transfer for the year -
Writing-off for the year -
Other changes -
Balance as at June 302019 - - 21981 21981
Disclosure by aging
In RMB
Aging Closing balance
Within 1 year（Including 1 year） 225163808
Within 1 year 225163808
Total 225163808
(2) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Category Opening balance
Amount of change in the current period
Closing balance
Accrual
Reversed or
collected amount
Write-off
Heat sales receivable 26806 4825 21981
Total 26806 4825 21981
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
Items Reversed or collected amount Method
Dongguan Depu Energy Technology Co. ltd. 4825
Total 4825 --
（3）The current accounts receivable written-offs situation
Not applicable
（4） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
Debtor Book amount Bad debt provision Proportion %
GPGC 222987641 - 99.02%
Dongguan Dejin Energy Technology Co.
Ltd. 2198148 21981 0.98%
Total 225185789.00 21981.00 100.00%
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Not applicable
2. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 700566 1121522
Dividend receivable 447956
Other account receivable 93866821 373726750
Total 94567387 375296228
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Fixed deposit 190323 154955
Entrusted loan 510243 966567
Total 700566 1121522
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
(2)Dividend receivable
1) Dividend receivable
In RMB
Items Closing balance Opening balance
Anxin Inspection 0 447956
Total 447956
(2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
（3） Other accounts receivable
(1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Entrusted loan receivable 35000000 335000000
Supplementary medical insurance fund
receivable
20397398 22113731
Sales of by-products receivable 17639348 6954775
Receivable petty cash 2728919 2607574
Other 18525095 7166030
Total 94290760 373842110
2）Bad-debt provision
In RMB
Bad Debt Reserves
Stage 1 Stage 2 Stage 3
Total Expected credit
losses over the next
12 months
Expected credit loss over
life (no credit
impairment)
Expected credit losses for
the entire duration (credit
impairment occurred)
Balance as at January 1 2019 115360 115360
Balance as at January 1 2019
in current
—— —— —— ——
Accrual in the current period 323499
Return in the current period 14920
Balance as at June 302019 423939 423939
Loss provision changes in current period change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
Aging Closing balanceWithin 1 year(Including 1 year） 91870731
Within 1 year 91870731
1-2 years 646528
Over 3 years 1349562
3-4 years 350000
Over 5 years 999562
Total 93866821
3) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Category Opening balance
Amount of change in the current period
Closing balance
Accrual
Reversed or collected
amount
Petty cash 42209 14920 27289
Advance 1637 1829 3466
Deposit 35000 35000
Other 36514 321670 358184
Total 115360 323499 14920 423939
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
Name Reversed or collected amount Method
Petty cash 14920 Cash recovery
Total 14920 --
(4) The actual write-off accounts receivable
Not applicable
(5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
In RMB
Name Nature Year-end balance Age
Portion in total other
receivables(%)
Bad debt provision
of year-end balance
Lincang Yudean
Energy Co. Ltd.
Entrusted loan
receivable
35000000 2-3 years 37.12%
Taikang Endowment
Insurance Co. Ltd.Guangdong Branch
Supplementary
medical insurance
funds shall be
receivable
20397398 Within 1 year 21.63%
Guangdong Yudean
Environmental
Protection Co. Ltd.Sales of by-products
receivable
17639348 Within 1 year 18.71%
Guangdong
GuangDong Energy
Group Shajiao C
Water and electricity
rental advances
2789509 Within 1 year 2.96%
Employee Petty cash 2701630 Within 1 year 2.89% 27289
Total -- 78527885 -- 83.31% 27289
(6) Accounts receivable involved with government subsidies
Not applicable
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Not applicable
3.Long –term share equity investment
In RMB
Items
End of term Beginning of term
Book Balance
Impairment
provision
Book value Book Balance
Impairment
provision
Book value
Investment in
subsidiaries
20512774833 1251824079 19260950754 19610774833 1251824079 18358950754
Investment in
joint ventures and
associates
6463030480 25010686 6438019794 6365880253 25010686 6340869567
Total 26975805313 1276834765 25698970548 25976655086 1276834765 24699820321
（1）Investment in subsidiaries
In RMB
Name of investee Opening balance Increase
Decrea
se
Closing balance
Impairment
provision
Impairment
provision for
the year
Guangdong Yudean Jinghai Power
Generation Co. Ltd.
1930395668 1930395668
Red Bay Power Generation 2220023386 2220023386
Zhanjiang Electric Power 2185334400 2185334400
Huizhou Pinghai Power Generation 720311347 720311347
Shenzhen Guangqian Electric Power
Co. Ltd.
1353153223 1353153223
Huizhou Natural gas 1176084946 1176084946
Zhanjiang Zhongyue Energy 963000000 963000000 187248115
Maoming Zhenneng 687458978 687458978
Anxin Electric Power 20000000 20000000
Yuejia Electric Power 0 0 455584267
Shaoguan Yuejiang Power Generation 745200000 745200000 408494674
Zhanjing Wind Power 242277000 242277000
Humen Power Generation 3192416 3192416 86807584
Guangdong Bohe 2229000000 603000000 2832000000
Dapu Power Generation 1000000000 40000000 1040000000
Huadu Natural gas 186550000 186550000
Guangdong Wind Power Generation 1192419390 239000000 1431419390
Lincang Energy 314000000 314000000 113689439
Leizhou Wind Power Generation 80800000 80800000
Qujie Wind Power Generation 779750000 20000000 799750000
Yudean Electric Sale 230000000 230000000
Yongan Natural gas 90000000 90000000
Tongdao Wind Power 10000000 10000000
Total 18358950754 902000000 19260950754 1251824079
（2）Investment in joint ventures and associates
In RMB
Name of
investee
Beginning of
term
Increase/decrease in this period
End of term
Balance of
the
provision on
for
impairment
Increa
se in
invest
ment
Decre
ase in
invest
ment
Investment
income
under equity
method
Other
compre
hensive
income
Other
chang
es in
equity
Announced
for
distributing
cash dividend
or profit
Provis
ion for
impair
ment
Othe
r
I.Joint venture
Industry Fuel 602584896 39224948 68053122 573756722
Subtotal 602584896 39224948 68053122 573756722
II. Associatesd
Yangshan
Jiangkeng
5694710 512329 6207039
Yangshan
Zhongxinkeng
7808826 1235845 9044671
West
Investment
135652349 5381585 141033934
Yudean
Shipping
935111350 -27338357 907772993
Shanxi
Yudean
Enerty
1440189806 113185370 40000000 1513375176
Yudean
Finance
728955751 53798544 64106710 718647585
Taishan
Power
Generation
1969208996 66275437 2035484433
Yudean
Captive
258026177 7437804 773832 264690149
Weixin
Yuntou
257636706 10370386 268007092 25010686
Huaneng
Shantou
5738284671 230858943 104880542 5864263072 25010686
Subtotal 6340869567 270083891 172933664 6438019794 25010686
Total
（3）Other notes
4. Business income Business cost
In RMB
Items
Amount of current period Amount of previous period
Income Cost Income Cost
Main business 958557256 977497449 1127894766 1082555502
Other business 26351826 636432 20451256 625713
Total 984909082 978133881 1148346022 1083181215
Whether implemented new revenue guidelines?
□ Yes √ No
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income accounted by
cost method
754387025 777396415
Long-term equity investment income accounted by
equity method
270083891 270075688
Investment income from the disposal of tradable
financial assets
252763
Dividend income from investments in other equity
instruments during the holding period
30580379
Investment return on investments held to maturity
during the holding period
9634179
Investment income received from holding of
available-for –sale financial assets
18256500
Other 10171424 357107
Total 1065475482 1075719889
6.Other
XVIII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Gains/losses from the disposal of non-current asset -13971117
Scrap loss of Power
Generation assets of some
subsidiaries
Governmental subsidy calculated into current gains and loess（whileclosely related with the normal business of the Company excluding
the fixed-amount or fixed-proportion governmental subsidy accordingto the unified national standard）
1721047
Effect on current gains/losses when a one-off adjustment is make
tocurent gains/losses according to requirements of taxation.
-250472
Other non-business income and expenditures other than the above -719920
Less：Influence amount of income tax -3243410
Influenced amount of minor shareholders’ equity -2957518
Total -7019534 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
2. Return on net asset and earnings per share
Profit of report period Weighted average return on equity(%)
Earnings per share
Basic earnings pershare(yuan/share）
Diluted earnings per
share(yuan/share)
Net profit attributable to the
Common stock shareholders of
Company.
2.37% 0.1108 0.1108
Net profit attributable to the
Common stock shareholders of
Company after deducting of
non-recurring gain/loss.
2.40% 0.1121 0.1121
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
Net profit Net assets
Amount in the reporting
period
Amount in the previous
period
End of the reporting
period
Beginning of the
reporting period
According to CAS 581569383 448833518 24551367214 24227302288
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
merger of enterprises under
the same control
64623000 64623000
Difference arising from
recognition of land use
value after enterprise
merger
-315000 -315000 17285000 17600000
Influence on minority 27060 27060 4837279 4810219
interests
According to IAS 581281443 448545578 24638112493 24314335507
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the
accounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case
the discrepancy in data which have been audited by an overseas auditing agent has been adjusted please specify
the name of the overseas auditing agent.(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore this difference will continue to exist.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore there’s some
influence on minority interests.XI. Documents available for inspection
1.Text of Semi-annual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative financial controller and the person in
charge of the accounting organ;
3.All original copies of official documents and notices which were disclosed in Securities Times China Securities
and Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office and are ready for reference at any time (except public holidays
Saturday and Sunday).The Board of Directors of Guangdong Electric Power Development Co. Ltd.
Chairman of the Board: Wang Jin
August 31 2019
沪公网安备31011802005267号
